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DENVER – The Broe Group has been selected as the master lessee for the Illinois International Port.

Since details are still being finalized, the Broe Group declined to comment on specifics.

The Chicago Tribune has reported that the lease is for 62-years and will bring $500 million of private investment to the decaying port. Officials hope the influx of capital will update the infrastructure and renovate the aging dockyard.

According to the Tribune the deal also involves plans to offer training, internships and jobs to students at close-by Olive-Harvey College.

Reached for comment, the Broe Group’s Vice President of Strategic Growth, Rich Montgomery said,

“We have had business in Chicago for more than 20 years with a successful track record of bringing new industry to our realestate and railroads. We are confident that our economic development efforts at the Port will result in significant job growth and considerable investment in the community. We commend the State, City and Illinios International Port District Board for running a competitive process resulting in a scenario that will increase tax base to the area and once again make the Port a hub for international trade.”

It’s been more than 30-years since the Port of Chicago has been updated.