The port sold 798 acres of the former U.S. Naval Station Ingleside for $75.8 million. As part of the sales agreement, Canyon Supply & Logistics has 10 business days to deposit $1 million of earnest money. Canyon will have until Sept. 15 to complete all the feasibility studies, surveys, due diligences, to present a down payment of $24 million, and sign a 10 year promissory note for the balance.
Canyon Supply and Logistics is a special service company that supports oil and gas production companies in the western Gulf of Mexico. Canyon will develop the industrial part of the facility for offshore logistics and anticipates providing 2,500 jobs within five years. As part of the sales agreement Canyon Supply & Logistics will have an option to buy an additional 105 acres in the center of the base property.
The Ingleside naval station was designated for closure under the 2005 Base Realignment and Closure Act, resulting in the departure of the Navy on April 30, 2010. On that date, ownership of the base reverted to the Texas Port of Corpus Christi Authority. Ingleside includes 483 acres with more than 70 buildings, a pier and wharf area. The port has also included 435 acres of green field property bordering the base to be incorporated in the development project.
