Offered at a significant discount to replacement cost . Property fairly New built will allow the new owner to more effectively compete by improving penetration within the Transient competitive set while increasing cash flow through improving operating margins. The Port of Galveston has long been an anchor of the city’s economic base, providing an estimated $2.3 billion economic impact for the state of Texas, more than 13,000 jobs and $869.6 million in income in 2018.The Port is the fourth busiest cruise port in North America, and has welcomed almost 2 million cruise passengers. As the Port of Galveston’s cruise industry grows, so does its local and state economic impact. According to a national report, Galveston’s cruise business grew by 13 percent in 2018, resulting in $1.5 billion in cruise industry direct expenditures and 26,241 jobs with total wages of $1.75 billion in Texas. Recently, the Port signed a long-term contract with Royal Caribbean Cruises ltd. for a new $100 million cruise terminal on ten acres of land near Pier 10. Three higher educational institutions serve Galveston Island — Galveston College, Texas A&M University at Galveston and the University of Texas Medical Branch. These institutions play a vital role in educating and training future workers. These schools, along with Galveston Independent School District, also provide thousands of jobs to residents of the island and surrounding areas.