The Little Rock Port Authority announced Monday that is has completed the $1.35 million acquisition of an additional 157 acres to be used for economic development.
The port has been running out of land, a problem Executive Director Bryan Day spoke to Arkansas Business about in August.
"This additional land will allow the port to attract new businesses that will employ even more Arkansans in the port," Day said in Monday's news release. "The port is the proud home of 41 companies employing more than 3,000 people, and we look forward to seeing that number grow soon."
The offer was based on a third-party appraisal, and the purchase was funded by the 2012 three-eighths of a cent Capital Improvement Sales Tax, which set aside money for expanding the port's real estate holdings. The city's board of directors authorized the city manager to buy the acreage for the port to use.
The port began actively exploring expansion opportunities with the development of a 2008 Master Real Estate Acquisition Plan and has been working with the Little Rock Regional Chamber and others to explore viable options for expansion.