Freight News, Rail, Sea

Port of Coos Bay announces lease execution

[ June 13, 2022   //   ]

The Oregon International Port of Coos Bay announced that a definitive lease agreement with NorthPoint Development has been executed for the future development of a container facility on the North Spit of the Coos Bay harbor. This development will result in construction of a state-of-the-art, rail served maritime Port capable of processing over 1 million containers annually. Landside movement of goods will almost exclusively utilize freight rail transport to aid in efficiency, cost effectiveness, and a reduction of greenhouse gas emissions over trucking.
Port owned property on the North Spit of Coos Bay has been leased to NorthPoint Development for a period of up to 75 years. Total construction costs for the project are estimated at approximately $1.7 billion and will support roughly 3,000 short term construction jobs and 5,000 long term family wage jobs at construction completion.
“The Port’s overarching mission is to cultivate economic development in both the region and the State of Oregon”, stated John Burns, CEO of the port. “This project is uniquely impactful because it will create a much-needed new gateway on the west coast that will ease ongoing congestion and supply chain issues along the U.S. western seaboard, as well as construct a facility to the highest environmental standards available.”
On May 23rd, port officials submitted a Mega grant application for over $1 billion to support necessary infrastructure improvements for the project. In total, approximately seventy letters of support were submitted in conjunction with the application package. It is anticipated that if successful, notice of award will be announced in September or October of this year.
With the lease agreement fully executed, NorthPoint Development will now shift its focus to furthering the permitting process for the project. It is anticipated that it will take approximately two years to complete the necessary permitting processes prior to initiating construction.
“Coos Bay has long been a hidden gem on the West Coast,” said Chad Meyer, President and Founding Partner of NorthPoint Development. “We have an opportunity to create a facility that will reduce widespread congestion issues in a manner that looks to the future of maritime commerce and trade while significantly reducing the negative impacts we have seen from persistent congestion issues, both environmentally and in terms of supply chain reliability.”