Bill Mongelluzzo | Mar 05, 2009 9:16AM EST
The Port of Oakland awarded a 50-year concession and lease agreement to Ports America Outer Harbor to upgrade and operate five container berths in the port's outer harbor area.
The terminal operator and stevedoring company is a partnership between Ports America Group of Iselin, N.J., and Terminal Investments Ltd. Ports America operates 50 ports and 97 terminals in North America and is controlled by Highstar Capital.
Ports America Oakland's first phase of construction involves a $150 million upgrade of 160 acres and 4,400 feet of berth. The company will also submit an environmental impact plan to supplement the port's on-going environmental program designed to improve air quality in the San Francisco Bay area.
Ports America Oakland will roll out future projects over the life of its concession totaling more than $500 million.
