Newark, the largest city in the U.S. state of New Jersey, has launched a request for expression of interest (RFEOI) to maximize profits of Port Newark.

The City of Newark is soliciting Expressions of Interest and Information from marine terminal operators, warehouse operators and developers, aviation related businesses, real estate developers and property managers, and any other interested parties to obtain ideas and information for maximizing the economic benefits capable of being derived from the City of Newark’s real property commonly known as Port Newark.

The city aims to receive ideas for new uses for the 957-acre seaport, which is currently used as a container and auto marine terminal. Approximately 200 acres of the port area are undeveloped.

The city of Newark has a lease agreement with the Port Authority of New York and New Jersey until 2065. Under this agreement the city receives US$12 million per year. According to sources, during 2014 the port produced US$80 million in revenue and incurred US$94 million in expenses.

The city is willing to, among others, selling the land underlying the lease, or hiring a private partner to manage the lease.

The port, a major component of the Port of New York and New Jersey, is the principal container ship facility for goods entering and leaving New York metropolitan area and the northeastern quadrant of North America. It has 26,000 linear feet of deep water berthing space for cargo vessels.

Interested parties must submit their expression of interest (EOI) on or before 16 February 2016.

See RFEOI here.