Port of Beaumont Purchases Former CB&I Property
On July 3, 2018, the Port of Beaumont formalized the purchase of the former Chicago Bridge & Iron fabrication facility located at 850 Pine Street, Beaumont, Texas for $8.25 million.
To facilitate the growth of the property, the Port of Beaumont has entered into a public-private partnership with Allegiant Industrial Island Park, LLC. Initial plans for the property, to be named Port of Beaumont Allegiant Island Park, include rehabilitation of the fabrication facility and paint shop, full rebuild of the docks, and upgrades to all utilities. This activity will result in the initial creation of approximately 200 full-time positions with the opportunity to create hundreds more as the facility develops.
The purchase of 850 Pine Street expands the Port of Beaumont’s footprint by 75 acres and provides an opportunity to diversify into a business that, due to industrial expansions along the waterway, is in high demand. Initial property improvements planned by Allegiant Industrial Island Park will equate to approximately $8.25 million, with plans to issue $20 million in revenue bonds for future development.
“The Port of Beaumont is committed to creating jobs and acting as an economic engine in the community and we are optimistic about the business opportunities this property will present to Allegiant and the Port,” says Board President Lee Smith. “This project will set the stage for the Port and Allegiant to collaborate with our industrial neighbors and build upon the framework that already exists at the Island Park facility.”
“Allegiant is grateful for the opportunity to partner with the Port of Beaumont to bring this facility back to its full potential and to create hundreds of jobs along the way,” says Al Salazar, CEO of Allegiant Industrial Island Park. “Upon project completion, Allegiant will provide state-of-the-art fabrication services to customers across the Gulf Coast and the nation as well as operate the largest industrial paint booth of its kind in Texas.”
