AVONDALE, La. — The former site of the Avondale shipyard could soon get a new owner.
The Port of South Louisiana announced Thursday that they have entered into a Purchase and Sale Agreement with T. Parker Host for the 254-acre Avondale Global Gateway.
The agreement means Port of South Louisiana will buy the former Avondale shipyard site from the Virginia-based company for $445 million.
“The state’s largest port is ready to own the state’s greatest industrial icon,” said Paul Matthews, Port of South Louisiana Chief Executive Officer.
“This acquisition establishes Avondale Global Gateway as a permanent Economic Development arm of the State of Louisiana. The Port is laser-focused on expanding our operations and bringing prosperity to the Southeast Louisiana Region. I thank Adam and the entire T. Parker Host team for recognizing that our Port is the best partner to continue attracting investment. I am looking forward to working with our state and federal officials to transform and diversify Louisiana’s economy.”
“Host will continue our work at Avondale as the terminal operator,” Adam Anderson, President and CEO of T. Parker Host said.
“As we look toward the next phase of Avondale Global Gateway’s evolution, we are confident this public-private partnership with the Port of South Louisiana positions the site at the forefront of the new frontier of renewable energy development, propelling the State of Louisiana into this new economy.”
“This acquisition of Avondale Global Gateway sets the stage for exciting new developments at the waterfront industrial park and will serve as a catalyst for new economic activity in Jefferson Parish and across our region,” said Jefferson Parish President Cynthia Lee Sheng.
“Jefferson Parish is committed to a long-term partnership with the Port of South Louisiana, and we look forward to the continued job creation and tax generation for schools, public safety, and infrastructure that Avondale Global Gateway will bring to our community.”
Host purchased the shipyard from shipbuilder Huntington Ingalls back in 2018 for $60 million. The company invested $150 million into the shipyard which sat idle since 2014.