Port Canaveral’s plans for a new $150 million cruise terminal The money. are underway, and one major aspect of the project is going smoothly.
The Canaveral Port Authority on Dec. 5 approved a project financing plan that includes a mixture of bonds, bank loans, a line of credit, as well as funds from the terminal’s future tenant, Carnival Cruise Line. The terminal is part of a larger agreement with Carnival that includes the cruise liner operating for another 25 years at Port Canaveral.
The Central Florida sea hub’s Cruise Terminal 3 is set to be complete by June 2020, with #construction kicking off in first-quarter 2019. The new terminal, designed to accommodate the latest cruise ship sizes, will be roughly 190,000 square feet with a minimum 1,800-space parking garage and additional infrastructure and utility upgrades.
“We are going to borrow some and pay some down with the cruise line help. It’s a very good investment for the port and the surrounding area,” said Bob Harvey, a port commissioner, during the Dec. 5 meeting.
In addition, the port shared a brief update on when contracts regarding the project will be awarded.
A $75 million contract to oversee the terminal and roadwork construction will be awarded in January. According to the port’s contact page, the work includes the new Terminal 3 building, launch pad entrance hall, provisioning warehouse building with chiller yard, bag drop/crew building and roads/civil/utility work. The new terminal will prepare he world’s second-busiest cruise port for more future growth in passenger traffic.
Passenger counts at the port increased by 7.7 percent over last year to 4.56 million passengers — a gain of 327,489 passengers. Also, cargo tonnage coming through the port increased 6.9 percent to 6.4 million tons
Both are vital metrics to the port’s success that has major impacts on the Central Florida region’s ability to be both a tourist destination and a hub for bulk commodities that service several industries.
“These historic achievements are a fan formation that the course we’ve charted for our port is a good one,” said Port CEO John Murray, in a prepared statement. “We’re continuing to look ahead to strong organic growth, sound #business planning and a clear focus on creating a best-in-class experience for every customer.”