The Port of New York & New Jersey has revealed a new development framework amid a record growth in cargo volume.
The “Port Master Plan 2050” follows an extensive 2½ year review of more than 3,000 acres of port property.
The 30-year plan will build on earlier planning work in the 1990s that ultimately led to the deepening of port channels to 50 feet, the raising of the Bayonne Bridge, container terminal expansions, realignment of and capacity enhancements to port roadways and the completion of the port’s USD 600 million ExpressRail network.
Release of the master plan comes at a time when the Port of New York and New Jersey is experiencing record cargo growth, which has pushed it into the position of No. 2 in the nation for the first time in two decades, surpassing the Port of Long Beach.
During the first five months of 2019, the port set a new all-time record for cargo during that period, handling 3.04 million TEUs.
“Our predecessors had the foresight to clearly understand the value of the port to regional jobs and economic activity and made substantial investments that today are paying huge dividends,” said Port Authority Chairman Kevin O’Toole.
“This plan will continue the momentum we have built and drive this port to new heights that two decades ago would have seemed impossible to achieve.”
The primary objectives of the master plan are to provide opportunities for growth through stakeholder engagement; improve the port’s commercial value by investigating opportunities to maximize lease revenue; to continue to serve as an economic engine for the region; and to promote safe, resilient and environmentally sustainable operations in partnership with its tenants.
With the completion of the plan, the Port Authority will now begin implementing the key findings and recommendations including a series of further studies, analysis and design work.