The Florida Gulf Coast port recently purchased a 41-acre tract of waterfront land where the authority plans to develop a new terminal for forest products.
Port Panama City is looking to double its throughput capacity by developing a new terminal for forest products on a recently purchased 41-acre tract of waterfront land.
The Florida Gulf Coast port acquired the land May 3 from WestRock Co., which plans to continue to operate its corrugated packaging mill on adjoining property. The $13.6 million purchase was financed through the Florida Department of Transportation State Infrastructure Bank and includes an option to buy an additional 27 acres for $6 million.
Port Panama City’s plans for the new forest products terminal include a 250,000-square-foot warehouse for woodpulp, kraft linerboard and related goods, as well as a 48-car-capacity rail yard, a refurbished 38-foot-draft berthing area with reinforced bulkhead and a 10-acre laydown area, according to Wayne Stubbs, the port’s executive director.
“This is a huge step forward in enhancing Port Panama City’s already-impressive abilities to handle forest product cargos,” Stubbs said in a statement. “Exports of paper and wood pellets helped propel Port Panama City to a record year in 2015, with more than 2 million tons of cargo moving across our docks. This acquisition and terminal project position our port to handle sustained growth for many years to come.”
The port will spend $12 million, including $4.25 million in FDOT grant funding, on the first phase of the forest products terminal project. An additional $9 million, half from FDOT, is earmarked for bulkhead work and rail and roadway improvements.
In addition, a $10 million endeavor, half federally funded, to deepen the channel serving the facility to 38 feet from 32 feet has been approved by the U.S. Army Corps of Engineers.
Panama City Port Authority Chairman Donald R. Crisp said the new terminal should facilitate the creation of nearly 200 direct and indirect jobs and produce an annual economic benefit of more than $125 million.
Port Panama City looks to double capacity
