Details of the new terminal emerged a day after representatives for the successful bidders, the state, and the port authority met all day Tuesday to negotiate terms.
During the three-year “pre-construction period,” the Delaware River Stevedores and its parent companies, SSA Marine and Ports America Group, and Hyundai Merchant Marine will develop the final project design and a plan to finance it. The bidders will spend $2 million in “pre-construction rent.”
The construction cost for two ship berths was estimated at $250 million by the developers.