Port Covington Won't Get Any Money From The Feds
The US Department of Transportation rejected a $76M grant application to fund new highway ramps off I-95 near the proposed Port Covington development. The massive, $5.5B project, led by Under Armour CEO Kevin Plank's real estate company would house the future HQ of the sportswear giant, a whiskey distillery and 13M SF of residential, retail and office space. It also includes 40 acres of public parks.
The Maryland Transportation Authority sought the FASTLANE grant on behalf of Sagamore Development, pledging $33M in matching funds to support the project, the Baltimore Brew reports. FASTLANE is a federal program that funds critical freight and highway projects.
Sagamore is also seeking $535M in tax increment financing, or TIF, from the city to help fund roads, sewer and other infrastructure for the 266-acre development. That request has met with opposition from some Baltimore residents who say the city shouldn't fund a private development. [Brew]