The Port of Galveston on Wednesday approved a lease agreement with Royal Caribbean Cruise Lines to build a new cruise terminal at the Port of Galveston.

By any definition, the deal is one of the largest financial agreements in the island’s contemporary history.

The contract guarantees construction of a $100 million terminal at Pier 10 in the Port of Galveston. The terminal, the island’s third, will be built by the company and owned by the port.

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Additionally, Royal Caribbean International will send one of its largest ships to Galveston in 2021 when the Port of Galveston opens its new cruise terminal. The company announced that it would send the Allure of the Seas, an Oasis-class cruise ship capable of carrying 6,780 passengers, to Galveston.