Commentary

Virginia Ports Receive Competitive Public-Private Partnership Bids

As I predicted here the Virginia Port Authority received two competitive bids according to Associated Press. The Port Authority has marine terminals in Norfolk, Portsmouth and Newport News and an inland rail and truck terminal in Front Royal.

CenterPoint Properties Trust, the original unsolicited proposer has been joined this week by The Carlyle Group, a private equity firm, and a partnership of Carrix and investment bank Goldman Sachs.

The bids are being reviewed by the office of Secretary of Transportation Pierce Homer, a process that is expected to be completed within about 10 days. This is a due diligence of the proposers and their qualifications. If the decision is to fully review the bids, the Secretary will appoint an Independent Review Panel likely to consist of officials from the localities, the Port Authority, planning agencies in the Hampton Roads area. Virginia Department of Transportation plus business interests such representatives from the Hampton Roads Maritime Association

This review process for public-private partnership proposals is well established in Virginia and has led to successful projects such as the Pocahontas Parkway, Beltway HOT Lanes and Dulles Greenway.

We will continue to follow the Port deliberations closely and keep you updated.