The Port of Corpus Christi approved an agreement Monday to sell about 800 acres at the former Naval Station Ingleside to Houston-based Canyon Supply and Logistics for $75.8 million. The company plans to develop the industrial part of the facility into an offshore service complex for the oil and gas industry, providing 2,500 jobs within five years.
Canyon has until Sept. 15 to complete its due diligence, submit a $24 million down payment and sign a 10-year promissory note for the balance.
The firm has an option to purchase about 100 acres in the center of the base property which contains living quarters, galley and college facilities for $26 million, reports the Corpus Christi Caller Times. Canyon has until Oct. 13 to decide whether to purchase that parcel. The port added 435 acres of green field property adjacent to the 483-acre base to create the project area.