Tradepoint Atlantic, developer of the former steel mill site at Sparrows Point, has purchased the adjacent Sparrows Point Shipyard for $33.5 million.
“In doing so,” the company indicated in a release, “Tradepoint Atlantic incorporates into its redevelopment project the only parcel of land on the Sparrows Point peninsula that it did not already own – the 150-acre shipyard, increasing the size of Tradepoint Atlantic’s land from 3,100 acres to 3,250 acres.”
Tradepoint announced Monday that it plans to use the added assets, which include barge and vessel berths, a graving dock and 225,000-plus square feet of warehouse space, to bolster its port operations.
“The property will be fully utilized to maximize the economic impact potential outlined within Tradepoint Atlantic’s master plan, which projects nearly 17,000 jobs generated for the Maryland economy,” company officials noted.
First established by Maryland Steel in 1887, the shipyard was owned by Bethlehem Steel from 1916 to 1997 before passing through a series of owners. The shipyard produced Liberty cargo ships during World War II
Tradepoint officials touted the acquisition in a statement on Monday.
“Tradepoint Atlantic is proud to further demonstrate its commitment to redeveloping Sparrows Point and making investments that will continue to drive economic activity within the local economy,” said Kerry Doyle, chief commercial officer of Tradepoint Atlantic. “Today, we take another step forward in fulfilling the potential envisioned for this iconic site by incorporating the Sparrows Point Shipyard into our master plan. This enables us to move forward with the next phase of our project – modernizing infrastructure and enhancing connectivity throughout the industrial complex to attract additional world-class tenants that will create jobs.”
The acquisition of the shipyard is the latest move in Tradepoints series of plans designed to strengthen its marine operations. In March, Baltimore County was awarded a $20 million federal TIGER grant that will go toward upgrading the port faciltiies at Tradepoint.
Planned work includes upgrades to the site’s East-West Berth, improvements to the bulkhead, dredging of the turning basin and approach channel and the installation of a new crane rail system to allow cargo to be moved more easily. Those improvements are slated to take four years to complete.
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