The Jacksonville Port Authority Board of Directors have unanimously approved a $210 million long-term lease and relocation agreement with Southeast Toyota Distributors, the world’s largest independent distributor of Toyota vehicles.
The company will move operations from its 50-acre facility at JAXPORT’s Talleyrand Marine Terminal and an adjacent 23-acre private facility into a single 88-acre property at JAXPORT’s Blount Island Marine Terminal, creating operational efficiencies and additional space for the company to accommodate more vehicles.
The agreement is for 25 years with renewal options. The public-private partnership includes a nearly $180 million lease with JAXPORT and an additional $16.5 million from Southeast Toyota Distributors to modernize the Blount Island Terminal. The Florida Department of Transportation will also provide a $16.5 million grant to assist with terminal development.
“This public-private partnership is an example of FDOT’s continued investment in the state’s transportation system,” said FDOT Secretary Jared W. Perdue. “This type of collaboration helps market Florida’s world-class infrastructure to the world, bringing more jobs and businesses to our state while maximizing the return on the investments we’ve made for the citizens of Florida.”
“We are proud that a company of this stature continues to grow its footprint in Jacksonville,” said JAXPORT CEO Eric Green. “This public-private partnership, along with the investments being made in the terminal by FDOT, allow us to build on our position as one of the country’s top vehicle-handling ports and meet the growing demand for vehicles in Florida and throughout the nation.”