EAST RUTHERFORD, NJ-Calling the port facilities overseen by the Port Authority of NY/NJ “the region’s economic driver,” PA chairman Anthony Coscia called upon industrial developers to build “complementary development” of new W/D facilities to support the port’s growth. “We will work with you and encourage the development of off-port property,” keynoter Coscia told attendees at Naiop’s Industrial Conference here Wednesday.

“The logistics business has been an incredible part of how the regional economy has changed from manufacturing to services,” Coscia said. “Industrial development is the backbone of the economy in the Northeast and New York metropolitan area.”

And while the various transportation-related activities operated by the PA, including bridges, tunnels and mass transit, are more obvious in their direct impact, “the port portion of Port Authority activities affects the most people because of all the goods and services that move through the port.” He conceded that one of the key challenges the port and its ancillary development face is “the constrained land environment.” Still, things are getting done, he said, including the PA’s recent $60-million land lease buyback deal and proposed cargo terminal development for 119 acres in Jersey City. He explained that the PA has undertaken an “aggressive plan to invest in the port,” an effort that has spent $1.6 billion in the past few years for everything from dredging to transportation improvements–including rail–and new terminals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.