NEW ORLEANS (AP) — The Port of South Louisiana has agreed to buy the former Avondale Shipyards from terminal operator T. Parker Host, which bought the site in 2018.

According to plans released Thursday, Host will continue to be the terminal operator for the facility, which is now known as Avondale Global Gateway.

The port said in a news release that the $445 million acquisition of the 254 acre (102 hectare) site will allow the port to be more competitive in international trade. Thousands once worked to build warships for the U.S. Navy before Avondale Shipyards closed in 2014. Host relaunched the site as a manufacturing and shipment hub.

The state Bond Commission will have to approve the port’s financing of the deal.

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