$73 Million Cold Storage Site Set for Port of Gulfport
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A subsidiary of Core X Partners is investing $73 million to establish a Mississippi cold storage site at the Port of Gulfport in a venture to revitalize the Gulf Coast cold supply chain.
Gov. Tate Reeves recently called the venture a great economic win for Mississippi and the Gulf Coast region in attracting businesses and job creation.
The state played a role in the business capture with the Mississippi Development Authority offering a universal tax credit. This Mississippi Flexible Tax Incentive can be used to offset a company’s state tax liabilities, but the firm must commit to making a minimum $2.5 million capital investment and create more than 10 jobs.
“The collaboration between the Mississippi Development Authority, Core X and Port of Gulfport underscores the state’s commitment to fostering growth, creating quality employment opportunities and further establishing Mississippi as a leader in the global logistics industry,” Reeves said.
Mississippi cold storage site at the Port of Gulfport. (Core X Partners)
Mount Laurel, N.J.-based Core X Partners formed a new regional unit called Core X Gulfport that will build a new 150,000-square-foot cold storage facility to be located two miles from the port’s main entrance. Core X Gulfport will also offer access to onsite U.S. Department of Agriculture inspection services, U.S. Customs and Border Protection agriculture specialist inspections and transloading services.
Core X Gulfport expects to break ground by the end of this year. In its first 12 months of operation, it plans to establish 48 jobs and grow to 73 new jobs within its second year.
Bill Cork, MDA executive director, called Core X’s decision to launch cold storage operations at the Port of Gulfport a testament to the advantages of doing business in Mississippi, with its ideal southeastern location and direct access to the Gulf of Mexico. The Port of Gulfport is a bulk, breakbulk and container seaport that encompasses a 300-acre deep-water port and a 116-acre inland port facility.
“The deep-water port enables the quick delivery of goods to international markets,” Cork noted.
Jon Nass, Mississippi State Port Authority’s CEO and executive director, described port officials as thrilled to partner with Core X.
🌟Great news for #MightyMS! Global supply chain leader CORE X GULFPORT is investing $73M to establish cold storage operations at the @PortofGulfport, creating 73 jobs! From the #deepwater port, CORE X can quickly get goods to overseas markets.🙌Read more: https://t.co/nA4UfPxE0T pic.twitter.com/lzVY0rOnTR — Mississippi Development Authority (@mdaworks) February 1, 2024
“We believe the addition of a modern cold storage facility offers great synergy for continued implementation of the port’s strategic plan to fully utilize the port and create more high-paying jobs on the Coast,” Nass said. “This not only brings elevated economic growth to the region but also supplements the port with a tremendous asset that enhances our ability to attract business locally and internationally while building on our strength as a perishable cargo port.”
The new operations will enable regional food producers to extend their product reach and enhance operational efficiency by preserving larger quantities of perishable goods to prevent potential spoilage and deter economic losses.
Core X noted that being able to store more goods will allow regional producers to respond faster to market demands and bolster the food supply chain.
The new Gulfport facility will store a diverse product range — from fruits, vegetables and dairy products to medicines — that will increase the year-round availability of perishable goods to the local and regional markets and potentially lower costs.
“We are delighted to have earned the trust of the Port of Gulfport and plan to invest over $70 million to build a world-class port facility,” stated Tom Casey, Core X Partners’ co-founder and chief investment officer.
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