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<\/p>\nIMTT have announced plans to consolidate its existing bulk liquid storage operations in Bayonne, New Jersey, which will free up approximately 130 waterfront acres for redevelopment on its 450-acre property. The consolidation will enable IMTT to serve its bulk liquid customers more efficiently and attract additional economic development opportunities to the Bayonne area. Even after the anticipated reduction in storage capacity, IMTT\u2019s Bayonne terminal will continue to be the largest bulk liquids storage terminal in the New York Harbour area.<\/p>\n
\u201cWe are pleased to announce that IMTT is consolidating a portion of the Bayonne terminal and embarking on a transformational development process for the eastern portion of the property. This will allow us to continue providing high-quality storage and logistics services on the west side of our property and pursue sustainable development opportunities on the east side,\u201d said Carlin Conner, IMTT Chairman and CEO. \u201cIMTT has proudly been operating in Bayonne for nearly four decades, and we are committed to continuing to provide the safe and dependable services our storage and logistics customers rely on, while also preparing the east side of our property for commercial activity that will support growth in the community for years to come. We are eager to work with the city of Bayonne, the state of New Jersey and other various stakeholders on a plan that will provide significant economic and environmental benefits to Bayonne and the broader New York metropolitan area.\u201d<\/p>\n
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\u201cWe have been working closely with IMTT over the past year regarding the future of its Bayonne facility and I am pleased that this plan will bring economic development and jobs to the city,\u201d said Jimmy Davis, Mayor of Bayonne. \u201cWe look forward to working with prospective partners to leverage the significant advantages of locating their businesses at IMTT\u2019s unique property. This is a great day for the city of Bayonne.\u201d<\/p>\n
IMTT is actively considering all potential development opportunities for the approximately 130 acres on the east side of its Bayonne property. Given IMTT Bayonne\u2019s unique location within a 15-mile radius of nearly 8.3 million people, the property is well suited for a wide variety of industrial and commercial uses. The property is also within a 3-mile radius of the Port of New York and New Jersey, the largest container port on the U.S. East Coast and one of the three largest in the nation. IMTT is focused on leveraging its property\u2019s unique attributes, including access to the IMTT-owned East Jersey Railroad, multiple deepwater docks, and two interstate natural gas pipelines, to attract innovative and economic development to Bayonne, which is expected to generate a significant number of job opportunities and incremental tax revenue to the region.<\/p>\n