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Corpus Christi completes property sale to Canyon

March 10 - Further to our report on February 23, the Port Corpus Christi commissioners have approved a letter of intent with Canyon Supply & Logistics for the sale of its Ingleside Facility, formerly known as U.S. Naval Station Ingleside, for USD102.1 mil

"The port looks forward to continuing the negotiations with Canyon. The acquisition of former NSI by Canyon is going to be an excellent opportunity to support growth in the region," said Mike CarrellPort Corpus Christi Commission chairman.

The sale includes about 910 acres of upland property on Ingleside Point in San Patricio County, Texas (a portion of which was formerly occupied by Naval Station Ingleside), plus the adjacent former Naval Station Ingleside Alpha Pier in Corpus Christi Bay, and an easement on about 114 acres of submerged land between the upland property and the Corpus Christi Ship Channel.

The letter of intent describes the property divided in two sections: the maritime property (798 acres), and the campus property (112 acres). The signing of the sales contract for both is scheduled for April 12 and closing on the maritime property will be 90 days later. The closing of the campus property will be 150 days after signing the sales contract.

U.S. Naval Station Ingleside was designated for closure under the 2005 Base Realignment and Closure Act, resulting in the departure of the Navy by April 30, 2010. On that date, ownership of the base reverted to the Port of Corpus Christi Authority. The former naval station includes 483 acres with more than 70 buildings. The port has also included 435 acres of green field property adjacent to the base, which will be incorporated in the development project. 

Meanwhile, port Commissioners also approved a 25 percent reduction in the Port of Corpus Christi Authority security surcharge on wharfage and dockage, effective April 1. The reduction will provide an estimated USD900,000 cost savings to customers and help the Port maintain a competitive advantage.

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