The Port of Philadelphia — managed by the Philadelphia Regional Port Authority, also known as PhilaPort — has outlined an aggressive strategic plan it estimates will create 9,000 new jobs and triple container capacity over the next 15 years as it invests $2 billion in capital projects and land acquisitions. The comprehensive plan will take PhilaPort through 2040 in a bid to greatly expand the port's footprint, capacity, offerings and standing as an economic hub in Greater Philadelphia and along the East Coast. The plan, which PhilaPort says has support from Gov. Josh Shapiro, is projected to create $2.84 billion in new business revenue and $170 million in state and local tax revenue. The strategic plan comes on the heels of an announcement that cruise ships will return to PhilaPort in 2026 and coincides with discussions about potentially partnering with developer HRP Group on its massive Bellwether District nearby. The 15-year framework details those plans further, including a priority project to create a temporary cruise terminal south of the Walt Whitman Bridge that, if successful, would lead to a permanent terminal for cruise ships at a location to be determined. The port is also actively exploring an acquisition of some 150 acres south of the Walt Whitman Bridge to develop into automobile and container space.
Source: Philadelphia Business Journal; 10/8/2024