'This is just phase one': Port Tampa Bay agrees to long-term deal with Baltimore logistics company
By Henry Queen
Tampa Bay Business Journal
Published: Feb 22, 2023

A new $50 million-plus investment from a Baltimore-area logistics company has the potential to significantly boost Port Tampa Bay's container business.

Port Tampa Bay commissioners on Tuesday approved a 40-year lease on 35 acres to Tradepoint Atlantic, which plans to build an approximately 500,000-square-foot facility for the trans-loading of cargo between ocean containers, trucks and rail cars.

The property sits in the middle of Hookers Point across from Davis Islands. It's adjacent to where the port brings in its container cargo, including the future Berth 218 partially funded by the state.

Port Tampa Bay, which has more land than any port in Florida, has for years tried to diversify its activity to include more general cargo. This facility could help, but the port's progress to this point helped convince Tradepoint Atlantic to go ahead and make the investment, Managing Director Kerry Doyle said.

"Looking at Tampa — geographically and economically and the demographic fundamentals — all those look favorable and are quite strong," Doyle told the port board on Tuesday. "The other thing that [convinced] us more than anything was the diversity of activity. When you look at your volume breakdown and the different types of products coming in — liquid bulk, dry bulk, steel, aluminum, lumber — it's a very active port community and very similar to what we established at Tradepoint [in Maryland].

"Now, you're a little further along than we are just from a historical perspective," Doyle continued. "But all those things lend themselves to unique and interesting opportunities. This is just phase one. We think in terms of centuries. We plan to be here for 40-plus years."

The total investment isn't publicly known, but Doyle estimated the final number to top $50 million. Tradepoint Atlantic will build two buildings here, he said. Construction should start on the first facility within the next 24 months.

"We work very quickly and efficiently, but I'd be remiss to say that we're experts at developing in this local market," Doyle said. "So our timelines are a little more conservative. ... [From Port Tampa Bay], we're looking for guidance, counsel, time. A lot of information has already been made available for environmental and geotechnical. Access and easements [are also needed] for ingress, egress to the property, but we're not looking at any specific additional capital investment."

Tradepoint Atlantic transformed a former Bethlehem Steel mill at Sparrows Point in Baltimore County into a major global logistics hub supporting Amazon, Home Depot, Under Armour and others. The company, owned by Redwood Capital Investment, made its plans public for the 3,300-acre property in 2014. It offers federal, state and local incentives to qualifying companies to help spur warehousing and manufacturing activity on that site. About 15,000 direct jobs and 140,000 indirect jobs have been created as a result of the project, former Maryland Gov. Larry Hogan said late last year.

In Tampa, the new warehouse will be known as "Tradepoint Tampa."

"If we're going to grow our container business and our cold-storage business to where we'd like to see it, we do need a partner that can bring customers, shippers and logistics resources to the table," port board member Patrick Allman said Tuesday. "Raul [Alfonso, port chief commercial officer] has assured me you're that company. We're counting on you guys to transform our efforts."

The new facility will optimize the port's growth, President and CEO Paul Anderson said. Michael Owen, port board member and Hillsborough County commissioner, said he did his homework on the company and came away impressed.

"You improve everything around you. ... Welcome to Port Tampa Bay," Owen said.