The negotiations for the sale and redevelopment of the Avondale Shipyard have been finalized, Jefferson Parish officials announced.
According to Jefferson Parish Mike Yenni, the negotiations were completed Friday night between partners Hilco Global and T. Parker Host. Hilco Global is an international financial services company headquartered in Chicago and T. Parker Host is a maritime management company out of Newport News, Virginia.
“This has been three-years in the making for my administration, so instead of a ribbon cutting, I am looking forward to cutting the chains off the gates to Avondale to let the transformation begin,” Yenni said.
The 206-acre site has about 8,000 feet of riverfront and deep-water access and is expected to become a multi-modal waterfront industrial park with both small and large companies on site. The shipyard has been shuttered since 2013.
"Our goal is to unlock the potential locked up in Avondale Shipyard,” Adam Anderson, President and CEO of T. Parker Host, said.
The deal is still pending approval of the Port of New Orleans and Public Belt Board of Commissioners. Jefferson Parish officials say the contract is expected to be voted on as early as this coming week.
“This is likely to be the largest economic development in our parish in its history. The commerce at this site has the potential to dramatically invigorate our Jefferson Parish economy. We will do whatever is necessary to accelerate this development,” Yenni said.