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A Maryland mega-development, initially pitched as a home for Under Armour, may now become a biotech cluster, according to developers.
The $5.5B Port Covington development on Baltimore’s waterfront has had several iterations; home to the athletic clothing firm, a cybersecurity center and then a development on pause during the coronavirus pandemic. But in an interview with the Baltimore Sun, Steven Siegel, a partner with Weller Development Co., suggested life sciences may be part of the company’s focus going forward.
Between homegrown talent, a collection of federal research institutions and proximity to Washington, D.C., Maryland already has a significant life sciences industry. The I-270 Corridor boasts more than 500 biotech firms and 2,000 life sciences companies, and the state was ranked the fourth-most-attractive market for life sciences investors in JLL’s 2020 Life Sciences Real Estate Outlook.
Alexandria Real Estate, a leading life sciences investment trust that already has property in the I-270 Corridor, plans to build a facility in Port Covington. The firm said it will construct a six-story, 170K SF building amenable to firms and startups focused on cell therapy, vaccines, therapeutics and manufacturing. Construction is expected to begin after pre-leasing activity reaches certain benchmarks.
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