March 24, 2021
Port Tampa Bay officials have signed off on a land lease with a company that wants to build a new $160 million cardboard recycling plant in Tampa.
Celadon Development Corp. will lease about 37.7 acres of port land on Hooker’s Point for 20 years, followed by two potential 10-year extensions. The port would receive $507,500 per year during a pre-development period of up to 18 months, then at least $1.3 million annually thereafter.
Based on those terms alone, the 20-year lease would be worth at least $24 million. The port, however, will offer rent credits of up to 50 percent depending on the plant’s output. Celadon officials expect to export as many as 20,000 containers of recycled paper products per year.