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1.1 Million SF of Vertical Construction Set to Begin in Port Covington
Buildings to Begin Delivering in 2022; More than $9 Million Distributed as Part of Largest Community Benefits Agreement in Baltimore History
The Port Covington Development Team consisting of lead investors Sagamore Ventures and Goldman Sachs Urban Investment Group, and lead developer Weller Development Company, is proud to announce that financing for the next development phase has been finalized, and vertical construction is underway on 1.1 million square feet of new development. The next five buildings in Port Covington are scheduled to begin delivering in late 2022. This development phase (referred to as Chapter 1B) includes more than 1.1 million square feet of development including apartments, offices, extended-stay rooms, shops, restaurants, and 10 acres of parks and public space. The capitalization totals more than $650 million, including approximately $137 million in Tax Increment Financing (TIF) bonds. The closing of the financing marks a significant milestone for one of the largest urban revitalization efforts in the country.
Port Covington is much more than a real estate development. In 2016, the Port Covington Development Team signed a Community Benefits Agreement with the South Baltimore 6 (SB6) Coalition, a non- profit organization that represents the South Baltimore communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans, and Westport, to outline how these communities will share in the benefits associated with a redeveloped Port Covington. That same year, the Port Covington Development Team also entered a Memorandum of Understanding with the City of Baltimore that includes more than $100 million in commitments to fund priorities such as workforce development, education, economic development, SB6 local community benefits, affordable housing, and more. The Port Covington Development Team has funded more than $19 million toward its MOU and CBA commitments to date, including more than $9 million of baseline funding that was deployed to SB7 upon the closing of the financing.
Port Covington is a 235-acre redevelopment located on Baltimore City’s prime waterfront. A redeveloped Port Covington will have a fundamental and far-reaching positive impact on the Baltimore metropolitan area and will pave the way for an influx of economic benefits, investment, and jobs. Port Covington will result in tens of thousands of new jobs, fresh opportunities for innovation and entrepreneurship, new ways to reach the waterfront, and much more for Baltimore City and the State of Maryland.
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