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Delaware seeks P3 for port improvement

A state-owned corporation has put out an RFQ to develop and run the Port of Wilmington, as it seeks to revamp the facility with more than $140m in improvements.

Delaware is looking to enter into a P3 to improve and operate the Port of Wilmington.

The Diamond State Port Corporation, a state-owned entity created in 1995 to run the port, issued a request for qualifications last week to improve, develop, finance or operate the port or a nearby brownfield site. DSPC plans to select finalists for the project at the end of May and choose its P3 partner by 30 September.

Ambitions to expand the port are reflected in the RFQ, as the 114-acre site of Chemours’ shuttered Edge Moor chemical plant, which was purchased for $10 million last year, is also included in the bid. Two sites not owned by the DSPC, Riveredge Industrial Park and a former automotive plant known as Boxwood, are also cited as available for potential expansion.

Last year, the corporation released a master plan for the site. Potential improvements to the port itself called for $145 million to $181 million over the next five to 10 years, while development of the Edge Moor and Riveredge sites were slated at $491 million and $882 million, respectively.

The partnership aims to create jobs, minimise taxpayer impact and better serve port customers, DSPC said. The company hired New York-based Seabury Capital as an advisor.