Baltimore’s Port Covington is the second largest urban development project in the country, and Phase I has officially started construction. Groundbreaking ceremonies with various city and state officials was Monday of this week.
The project overall covers 235 acres around a new Under Armour headquarters with a price tag of around $5.5 billion. Baltimore City has kicked in $660 milllion in support through tax increment financing. In this case, project developers will be paying upfront for infrastructure work such as roads, water and sewer lines with repayment from the city through the sale of bonds starting in 2020.
Phase I carries a value of around $600 -$700 million with multiple future office tenants already committed. Several cybersecurity technology & consulting firms have locked down premium office space in the first two buildings that will go live.
The initial phase of the development will include 1.3 million square feet of offices, 337,450 square feet of retail, 976,667 square feet of residential and 285,000 square feet of hotel space. An Under Armour office building that will expand in the future as well as the Sagamore Spirit Distillery and Baltimore Sun are already onsite.