It is finally a done deal. You could say it is signed, sealed and delivered, and the Port of Corpus Christi couldn't be happier.
Commissioners and Oxy Ingleside Energy Center finalized the closing on the sale of the larger portion of former U.S. Naval Station Ingleside last Thursday, and announced it Tuesday during a Port Commission meeting.
The purchase price of $82.1 million included 815 acres, the 1,100-foot double-deck concrete alpha pier and over 2,000 feet of wharf frontage, adjacent to a deep water turning basin.
In addition, the sale includes most of the industrial support facilities at the base, plus 435 acres of greenfield property next to it.
"What that does is put the ownership of all that property in private hands, and that's where we wanted to get to because, if we can get the property into private hands, they have capital. They have a strategy. They are connected to the Eagle Ford. They have a deep water port, and they can maximize that asset with all that's going on here," Port Commission Chairman Mike Carrell said. "If you have a deep water port and you're on the Eagle Ford Shale, you have a lot to work with."
The deal did not include the sale of the so-called campus portion of the former base, but Carrell said a deal is in the works with Oxy Ingleside to purchase that as well. That deal could happened before the end of the year.