NORFOLK, Va. (WAVY) — Gov. Terry McAuliffe on Wednesday announced that the Port of Virginia has signed a long-term lease with Virginia International Gateway.
According to a news release from the Port, the newly signed lease will help them double capacity at the deep-water container terminal.
McAuliffe stated Wednesday, “This new lease helps to put the port on the path to long-term sustainability which, in turn, will result in continued job creation, investment and revenue for the Commonwealth.”
Port officials say the lease gives them operating rights at the terminal until 2065. The Port will reportedly begin work this year on a $320 million expansion project to build the terminal’s second phase.
“Within the existing footprint, we will have the capability and capacity to process a total of 1.2 million (container) lifts – 2 million TEUs — annually through VIG,” said Aubrey L. Layne, Virginia secretary of transportation.
The Port says VIG is currently processing 600,000 container lifts each year.
The expansion project is expected to take three years to complete, and will reportedly feature an expanded rail operation, an expanded container yard and four new ship-to-shore cranes.