Report: Port Covington Groundbreaking Pushed To 2018
Major construction at Port Covington will not begin until 2018 and the city does not have a timetable for issuing bonds to help finance the project, according to the Baltimore Brew.
Phase 1 of Sagamore Development's $5.5B project was slated to start next month, the Brew reports. Sagamore's Port Covington plan will transform 266 acres of former industrial land in South Baltimore into a "city within a city," containing retail, restaurants, housing, parks and the future home of Under Armour. Sagamore Development is Under Armour CEO Kevin Plank's real estate arm.
The city's agreement last year to issue $660M in bonds to fund infrastructure for the project was Baltimore's largest tax increment-financing deal and was met with resistance by some city residents. Sagamore Development president Marc Weller highlighted the waterfront parcel's new Sagamore Spirit distillery, which opened last month to great fanfare, and City Garage, which opened last year. He also told the Brew that the project is on time and on schedule.