Hyundai, DRS Philadelphia terminal finalists
The Philadelphia Regional Port Authority board on Wednesday authorized its staff to negotiate a 50-year lease with Hyundai Merchant Marine and Delaware River Stevedores to build a new container terminal on a piece of property that was once part of the Philadelphia Navy Yard.
Robert W. Palaima, president of DRS, said the parties hope to finalize an agreement for the so-called Southport Marine Terminal in November.
Construction of the 120-acre terminal is expected to begin in about three years and the first of two berths would be completed in around 2016-2017.
Delaware River Stevedores Inc. is a joint venture of Ports America and SSA Marine.
Hyundai, DRS Philadelphia terminal finalists
