Australia-based Macquarie Principal Finance has completed a strategic transaction with the Harbor Performance Enhancement Center (HPEC) to provide around $130m for the development of a new container staging facility at Terminal Island in the Port of Los Angeles (POLA), US.
HPEC is a public-private partnership between POLA and a consortium organised by Los Angeles-based financier Jonathan Rosenthal in order to provide sustainable freight movement and supply chain efficiencies across the US.
Development of the 5.5 million square foot container staging hub will involve the conversion of 110 acres of space that is currently fallow, as well as bringing the latest technology and operating capabilities to enhance the freight flow through POLA.
Once completed, the HPEC facility will be able to take 3,500 truckloads per day from nearby container terminals to the staging area.
HPEC will also be able to improve cargo flow, increase velocity, reduce emissions, create jobs, and enhance the efficiency of imported containers passing through the 14 marine terminals at the San Pedro Bay complex, which currently supports 42% of all the imports in the US.
It will also comprise an educational component at an on-site facility that will be used as a laboratory to facilitate learning, collaboration, as well as develop innovative ideas among stakeholders in the goods movement industry, academia, and other related organisations.
HPEC founder/CEO Jonathan Rosenthal said: “The HPEC development presents a truly unique opportunity to make the San Pedro Harbor the most competitive gateway for transpacific freight while reducing community impacts of the nation’s most important artery.
“HPEC will increase productivity at the Port by 10% or more.”
Development of HPEC is expected to be completed within a period of three years.