May 2, 2025 — The Port Authority of Guam is proud to announce the formal execution of a $10.5 million lease agreement with Black Construction Corporation, following unanimous approval by the Port Authority Board of Directors during its regular meeting on April 30, 2025. The agreement was officially signed by both parties on May 1, 2025.
The lease covers more than 374,000 square feet of Port property and marks a major milestone in the Port’s ongoing mission to modernize infrastructure, enhance security, and support both current and future operations critical to Guam and the broader region.
The four-year lease is valued at $10,567,340.16 and includes the following terms:
- $75,950.15 monthly will be paid for use of the Hotel Wharf site.
- $144,202.77 monthly will be paid for the former Hawaiian Rock site.
- $220,152.92 total monthly rent to be paid.
- Lease will begin June 1, 2025 with a one-year automatic extension unless either party opts out with 90 days’ notice.
- Black Construction will invest in vital infrastructure improvements, including road paving from the 76 Circle K gas station to Family Beach, resurfacing of the Hotel Wharf, and installation of security lighting and fencing.
- Additional upgrades will include construction of warehouse and office facilities, installation of concrete slabs, and utility infrastructure improvements.
- “This lease agreement is a win on every front—for the Port, for the people of Guam, and for our island’s role in national security,” said General Manager Rory J. Respicio. “We are generating substantial revenue, enhancing Port security, and preparing our facilities for future growth. We thank Governor Lou Leon Guerrero and Lt. Governor Josh Tenorio for their steadfast support, our Board of Directors for their leadership, and our dedicated employees whose hard work makes this possible.”
In addition to revenue generation, the lease strengthens Guam’s strategic readiness and includes environmental safeguards, a baseline condition assessment, and clear provisions on compliance, indemnification, and use restrictions—ensuring responsible development and stewardship of Port lands. The agreement underscores the Port’s commitment to supporting Guam’s long-term economic growth and reinforcing the island’s critical role in national defense operations.
