Freight News, Sea

Delaware’s Port of Wilmington to Acquire Edgemoor Site

[ November 23, 2016   //   ]

The Diamond State Port Corporation (DSPC) and The Chemours Company announced on November 18 an agreement for the Port of Wilmington (Delaware) to purchase the former Chemours Edgemoor site, located to the north of the port’s existing facility.

“I’m excited by the potential for the port to use this site to better connect Delaware with the rest of the nation and the global economy” said Gov. Jack Markell.

The Port of Wilmington is near capacity, and with larger ships coming up the East Coast, it needs space to compete for business.

Chemours announced closure of the 114-acre Edgemoor manufacturing operation in August, 2015 with the promise that the property would be returned to the benefit of the community and state.

“Chemours is committed to the redevelopment of our former industrial sites and we are very excited to see DSPC move forward to create new opportunities for growth and employment at this site,” said Mark Vergnano, CEO of Chemours.

The agreement has the support of the port’s major labor union.

This spring the DSPC released a strategic plan that concluded that expansion is vital to the port’s long-term survival. It also detailed the taxpayer cost of maintaining the current facility at $300 million over the next twenty years just to maintain existing businesses and their anticipated growth. The plan provided several scenarios for long term growth, which the port board endorsed, including the development of the Chemours site at Edgemoor.

“While this purchase does not guarantee that a new port facility will be built at Edgemoor, it does give us a valuable option to market to potential investors,” said Secretary of State Jeffrey Bullock, the chairman of the DSPC. “The Edgemoor site will be marketed with Riveredge, located south of the Delaware Memorial Bridge, as DSPC’s two primary options for expansion. We are hopeful, of course, that in time both will be developed.”

The sale is expected to close in early 2017. The agreed sale price is $10 million.