California’s Livable City: How the $200M Fulfillment of a Vision is Fulfilling its Promise
California’s $200 million redevelopment of the city’s harbor freight port is the fulfillment of a vision for the city, said its new mayor, Mauricio Macri.
“We have been able to put our vision for this city on the ground,” Macri said.
The project, which is in its early stages, is expected to generate $3.5 billion in annual economic activity and create a workforce of more than 10,000 people.
“California is a leader in renewable energy and the Harbor Freight Port is a shining example of this,” Macquarie Capital CEO Paul R. Sohn said in a statement.
“The port will be a showcase for sustainable, environmentally-friendly construction practices and will serve as a model for other port facilities across the world.”
The Port of Los Angeles, the nation’s busiest port, was closed for about three months in August for repairs to a steel rail bridge over the Los Angeles River that was damaged by heavy rains.
Macquarrie Capital also recently announced a $2 billion financing round for an ambitious port expansion, the port of San Francisco to be built in San Mateo County.
“It’s a very exciting project, but it’s not finished yet,” said Macquarry Capital’s Michael F. Kelly.
“Once the work is done, it will be the most advanced port project in the world.
It will bring millions of jobs to California and it will transform the state of California into the largest port in the country.”
The port is expected begin operations in 2022, with a projected completion date of 2024.
The port will include a new terminal and dock facilities, an extension of the port’s current terminal, a new dock on the San Francisco Bay, and additional parking facilities and a new shipping dock.
A new rail bridge will be built from the San Diego Port to accommodate the port.
The city also plans to begin construction of a $1.2 billion expansion of the airport.
“This is a very positive step forward for the future of the Harbor and California,” Mayor Macri told reporters Tuesday.
“What we have seen so far is the culmination of years of planning and development.”
The city’s plan calls for $300 million of funds to be used to finance a “port redevelopment” project that will include new rail infrastructure and a port expansion.
The plan calls on the California State Transportation Agency (Caltrans) to purchase up to 10 percent of the $1 billion cost of the project, a portion of which Caltrans will distribute to the port and other community partners.
The Port Authority of California (Pace) said in the announcement that Pace’s financial support is contingent upon the Port Authority and Pace completing a detailed review of the feasibility of the new rail corridor.
The PACE review includes the Port of San Diego’s proposed rail expansion, which will be financed with $1 million in federal and state funds.
The airport has received billions in federal, state and local stimulus money since being formed in 2000.
The Bay Area’s biggest economic development project since the economic recovery has generated thousands of jobs and generated millions of dollars in tax revenue.
Macri is a native of San Jose, the home of the University of California and home to Silicon Valley.
MacQuarrie is a venture capitalist, entrepreneur, former governor and former Los Angeles mayor.
He also served as mayor of Costa Mesa from 2005 to 2015.