A new 5-year lease agreement with shipping customer Gearbulk Inc. clears the way for the Manatee County Port Authority to design its largest warehouse.

The port authority voted unanimously to authorize design of the 172,478-square-foot Warehouse 11 on property acquired in 1997 to support the port's ongoing expansion. This will be the first structure on property adjacent to the new Berth 12 and the third warehouse constructed since 2000 dedicated solely for forestry products imported by Gearbulk for subsidiary Port Manatee Forestry Terminal Inc.

"This is an important day in the ongoing growth of Port Manatee and its economic impact on Manatee County and the Tampa Bay region," said Jane von Hahmann, chairman of the MCPA. "The new agreement strengthens our relationship with Gearbulk while ensuring that building materials critical to the construction industry continue to flow through the port for years to come."

With the new warehouse, Port Manatee tops the 1 million square foot mark in covered storage space. Gearbulk leases 50.1 percent of that total.

"This agreement demonstrates our confidence in the business line and Port Manatee's ability to meet our customers' needs," said Chris Shiels, general manager of Gearbulk. "Port Manatee is now Gearbulk's largest U.S. terminal operation, and the new lease indicates that we expect business to continue to grow here."

The three new warehouses, when combined with 50,750 square feet under lease at Warehouse 7, will deliver more than $1 million annually in lease revenues alone. Dockage, wharfage and line-handling fees would boost annual total revenue to more than $2 million, making it Port Manatee's largest tenant and revenue producing customer.

Warehouse 11 is nearly identical in design to the recently completed Warehouse 10. Both utilize 160-foot, clear-span construction, eliminating columns and providing additional storage space. The new warehouse is nearly one-fifth of a mile long and large enough to contain 85 average-sized houses.