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USA InvestCo to develop cold storage project at Port of Wilmington
Story Date: 12/18/2013
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Source: PRESS RELEASE, 12/16/13
Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker recently announced that USA InvestCo plans to create 100 jobs and invest more than $15 million in a new cold storage facility at the Port of Wilmington.
The company is developing the Port of Wilmington Cold Storage facility (PWCS), a 75,000-square-foot cold storage facility that will store locally produced pork, poultry, fruits and vegetables. PWCS could eventually be expanded to 300,000 square feet depending on demand.
“North Carolina and the Greater Wilmington region have become a very desirable site for companies to locate and expand their operations,” said Governor McCrory. “With the need for secure, cold storage growing throughout North Carolina, we welcome USA InvestCo’s investment.”
USA InvestCo is made up of a group of experienced real estate developers with more than 80 years of combined expertise in both real estate development and management. Its track record includes acquisition, entitlement, development, management and sales. USA InvestCo’s general partners have raised over $100 million for various projects throughout the U.S. including Colorado, Florida, North Carolina, California and Texas.
“We’re delighted about USA InvestCo joining the ranks of companies expanding and developing in North Carolina,” said N.C. Secretary of Commerce Sharon Decker. “This major project will be a great asset for local and state companies that need cold storage facilities to ship their products from Wilmington’s port.”
“We are excited to be working closely with the State to create the only cold storage facility located on a port in the State of North Carolina,” said Chuck Schoninger, the principal of USA InvestCo. “PWCS’s strategic location on the Port of Wilmington provides our import and export customers with logistical benefits and helps the state by creating new jobs.”
N.C. Secretary of Transportation Tony Tata added, “We appreciate the support of the Council of State and the teamwork between the Departments of Commerce, Agriculture and Transportation in advancing this important, job-producing project for the State of North Carolina.”
PWCS will be led and operated by Charles McCarthy who started his career in the Cold Storage industry in 1984. In his 28 year career he has founded, owned, managed, and operated new-build and major expansions of cold storage facilities.
“North Carolina exported nearly $4 billion worth of agricultural products in 2012,” said N.C. Agriculture Commissioner Steve Troxler. “Upgrades to the port at Wilmington will help our farmers and agribusinesses boost that number even higher. The cold storage facility is a vital piece of infrastructure that our producers have needed for a long time, and I’m happy that a public-private partnership will be able to make it a reality.”
“We are committed to creating new jobs in Wilmington and know that USA InvestCo will become a strong corporate partner for us,” said Representative Ted Davis. “We applaud the USA InvestCo executives for their commitment to invest in North Carolina and expand their footprint in New Hanover County.”
“USA InvestCo is just the kind of company we want to attract to Wilmington,” said Senator Thom Goolsby. “The cold storage jobs that they’ll create will strengthen the port and be an example to others of the strong talent pool and attractive quality of life that characterizes Wilmington, New Hanover County and the state.”
USA InvestCo received assistance through a grant provided by the Golden LEAF Foundation to the N.C. Southeast Regional Economic Development Partnership to fund equipment needed for the proposed cold storage facility at the Port of Wilmington.
The Port of Wilmington Cold Storage facility is a public-private venture in North Carolina. This project was conceived through a partnership with state agencies within North Carolina as a catalyst for future North Carolina economic development. Influential partners that helped with the project include: the N.C. Department of Commerce, N.C. Department of Transportation, N.C. Department of Agriculture, the N.C. State Ports Authority, the Golden LEAF Foundation, and the N.C. Southeast Partnership.
For more information about the Port of Wilmington Cold Storage, including job opportunities, go to: http://pwcold.com/. For more information about USA InvestCo, go to: http://www.usainvestco.com/
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