Sagamore Development wants to redevelop more than 200 acres of mostly empty industrial land in South Baltimore, creating a ring of riverfront parks and building new apartments and condos, stores and offices, as well as manufacturing space and a new headquarters for Under Armour.
But the area, which the city has wanted to see redeveloped for decades, has few roads and utilities, and extensive environmental problems. It’s also cut off from the rest of the city by a tricky highway and road network.
To make the project happen, the firm, which is owned by Under Arnour CEO Kevin Plank, is seeking $1.1 billion in support from local, state and federal governments for needed infrastructure.
The firm, working with the state and city, applied this month for $76.1 million in federal highway funding, which the state has committed to backing with $33 million in state funding.
The city is weighing a request for $535 million in tax increment financing, with funding coming from municipal bonds and repaid through new property taxes generated by the project.
Click here to read the rest of the article written by Natalie Shermon over at Baltimore Sun