The Baltimore Development Corp.’s board unanimously approved a record $535 million in public financing to build infrastructure for billionaire Under Armour founder Kevin Plank’s mixed-use real estate project in Port Covington, sending the proposal to the city’s Board of Finance for review.
The money would build streets, utilities, sewers, bike and pedestrian paths, and other infrastructure on the South Baltimore peninsula, where Plank plans to develop thousands of residences and millions of square feet of office and retail space alongside a new headquarters campus for his sports apparel company.
The request from Plank’s private real estate firm, Sagamore Development, still needs approval from the Board of Finance and the City Council. Sagamore also is seeking about $574 million in state and federal funds for transportation infrastructure in the area, which is located in an Enterprise Zone and eligible for significant tax breaks.
“We’re excited to be one step closer to our city transforming Port Covington into a thriving, active and inclusive waterfront neighborhood and economic center for everyone,” Sagamore Development President Marc Weller said in a statement.
The $5.5 billion proposal for Port Covington also includes manufacturing space, hotels and about 40 acres of parks.
Click here to read the rest of the article written by Natalie Sherman over at the Baltimore Sun