The once-troubled State Pier project in New London is on track to show a $1 million dollar profit over its first year in operation, a departure from its rocky start when construction costs ballooned to more than three times the original estimate. After four years of construction, the massive but long-neglected state pier on the state’s only natural deep water harbor has been reconfigured as one of the nation’s premier, heavy lift cargo terminals and is now the principal supply site for billions of dollars of offshore wind energy construction south of Block Island. The Connecticut Port Authority, which owns the pier, said its outside auditors projected the $1.1 million operating profit for the fiscal year ending June 30. “The surplus is the result of new revenue sources flowing consistently and secure for the next decade,” said David Kooris, who was appointed authority chairman after a disastrous start that resulted in overruns that tripled the cost of the reconstruction project from the original $93 million estimate.
CT Port Authority’s New London pier, once mired in cost overruns, projects profit as wind energy hub