Tuesday, October 30, 2007

River Boom
Taken from article written By R.P. WHITTINGTON, Special To Homes

Asian carrier Hanjin shipping Ltd. announcements spur residential interest
The new terminal will be a large one. It will eventually encompass 170 acres and be able to handle up to 1 million containers a year.
In addition to interest for properties in the proximity of the Dames Point Bridge, where both terminals will be constructed near Jaxport, residential properties as far north as St Marys also stand to get a boost from the development.
One of the biggest selling points of Kingsland and St Marys is their proximity to the JAX International Airport. I am hopeful the announcement, and the impending job growth in the area, will help sales activity.
Jacksonville city and economic development officials estimate that the Hanjin development will generate about 6,000 jobs, in addition to about the same number of jobs that will come with the operation of Mitsui O.S.K. Lines Ltd. from its new terminal, which is under construction now.

Nancy Rubin, director of Communications for Jaxport, said the economic impact of the new terminal operations will have a ripple effect throughout the local area. "Whenever I drive by and watch the work under way, I have to think its not just the people working there who are getting jobs, but the stores, restaurants and other businesses that see additional dollars as a result of these projects," she said. "While the commercial real estate industry will see the most immediate impact, residential real estate should benefit as well."

Rubin said the first terminal, which covers 158 acres and will be operated by TraPac, the U.S. operating subsidiary of Mitsui O.S.K. Lines Ltd., is on schedule to open for business in December of next year. "Since our announcement last week was reaching an agreement to develop a final contract for construction of the new Hanjin container terminal, it is hard to be exact on just how many actual jobs will be created," Rubin said. "But with both projects, these will be new jobs, and some of the new employees at the terminals will need homes to live in."

posted by Ed Leavy at 8:56 PM


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