The Port of New Orleans is seeking private funds to help complete its planned $580 million Napoleon Avenue Container Terminal expansion, the Thibodaux Daily Comet reports.
The port is unlikely to get entirely private funds for the project’s third and final phase, but officials do not expect the state to provide the $240 million still needed, said Matt Gresham, the port’s spokesperson, to a New Orleans CityBusiness reporter.
“Hopefully, we can get at least a foot in the door this year, including some funding for planning and design,” Gresham said.
Gresham added that future partners could include terminal operators, shipping companies or any manner of private investment group.
The final expansion is intended to double the port’s annual container capacity to 1.6 million 20-foot-equivalent units.