41 replies to this topic

[Chris B]

http://www.baltimore...0324-story.html

[NewMarketSean]

Hard to find any bad news with all this.

 

I'm curious about the light rail spur. My guess is that they'd use the current tracks that include the abandoned rail bridge just south of where 395 meets up with I-95. Hopefully that station will also serve Fed Hill, particularly the southern end of it. And if they could also serve Locust Point (and hell, why not include a station at the current UA campus) that would be an even bigger bonus to all this.

 

This whole thing is what Baltimore needs more of -- private money developments that costs the city very little or nothing. It's a shame the city never jumped on the Hackerman proposal to build an arena and refurbish the convention center and Sheraton. Before Sagamore, that was the best private money proposal the city had seen in years.  

[DuffMan]

Hard to find any bad news with all this.

 

I'm curious about the light rail spur. My guess is that they'd use the current tracks that include the abandoned rail bridge just south of where 395 meets up with I-95. Hopefully that station will also serve Fed Hill, particularly the southern end of it. And if they could also serve Locust Point (and hell, why not include a station at the current UA campus) that would be an even bigger bonus to all this.

 

This whole thing is what Baltimore needs more of -- private money developments that costs the city very little or nothing. It's a shame the city never jumped on the Hackerman proposal to build an arena and refurbish the convention center and Sheraton. Before Sagamore, that was the best private money proposal the city had seen in years.  

That's what I don't get, why does these seem more possible to happen then the arena/convention center ever did?  Furthermore, I feel like if this goes through then we'll never get a new arena.

[NewMarketSean]

That's what I don't get, why does these seem more possible to happen then the arena/convention center ever did?  Furthermore, I feel like if this goes through then we'll never get a new arena.

Because the city was still going to pay for a chunk of the arena/convention center. Hackerman's proposal was generous, but not all-inclusive. Forget the numbers...and Hackerman was doing it to get a brand new hotel incorporated into arena and CC.

[BSLMikeLowe]

Because the city was still going to pay for a chunk of the arena/convention center. Hackerman's proposal was generous, but not all-inclusive. Forget the numbers...and Hackerman was doing it to get a brand new hotel incorporated into arena and CC.

 

The public share of Hackerman's project would have been in the $300 million range IIRC. I think the difference there is how the city or state would have paid off those bonds if they had proceeded. With the TIFs they are paid off by the property taxes that are collected over the life of the bonds. But the Port Covington project, like the Harbor Point project, is mostly vacant land that isn't generating much at all in tax revenue prior to being developed. I don't know that that same formula would work for the convention center/arena project.

[BSLChrisStoner]

Baltimore Business Journal: Sagamore Development's Port Covington plans need more work, panel says
http://www.bizjourna...ed.html?ana=lnk

 

Yeah... the concerns raised due little for me.

 

Sagamore Development will the guest speaker for the next meeting of my networking group in July. Looking forward to hearing more about Port Covington.

[Mackus]

Baltimore Business Journal: Sagamore Development's Port Covington plans need more work, panel says
http://www.bizjourna...ed.html?ana=lnk

 

Yeah... the concerns raised due little for me.

 

Sagamore Development will the guest speaker for the next meeting of my networking group in July. Looking forward to hearing more about Port Covington.

 

I don't have a major issue with the residential being all high-rise, though I do wish it was more of a typical Baltimore rowhome neighborhood.

 

But it's pretty obvious that a planned community this big will have to have police, fire, and schools somewhere.  Leaving that out seems like a pretty major oversight.

[BSLChrisStoner]

I don't have a major issue with the residential being all high-rise, though I do wish it was more of a typical Baltimore rowhome neighborhood.

 

But it's pretty obvious that a planned community this big will have to have police, fire, and schools somewhere.  Leaving that out seems like a pretty major oversight.

 

I guess that's fair. Supposed to have more info on that in their next presentation. We will see.

[BSLChrisStoner]

Construction Dive: Construction begins at Baltimore's $5.5B Port Covington project ...

 

BBJ: A look at more projects planned for Port Covington (Photos ...

 

Site: https://pc.city/

[BSLChrisStoner]

BBJ: Sagamore Development, Goldman Sachs spend $16M for marina at Port Covington
https://www.bizjourn...6xl5L-ogZs9i_Ok

[BSLChrisStoner]

Balt Sun: Years in the making, construction of controversial Port Covington project finally underway in South Baltimore
https://www.baltimor...3ja-story.html?

[BSLChrisStoner]

PC.City: 1.1 MILLION SF OF VERTICAL CONSTRUCTION SET TO BEGIN IN PORT COVINGTON

https://pc.city/chapter-1b-underway/

[BSLChrisStoner]

BBJ: Under Armour plots move to scaled-back Port Covington headquarters by 2025
https://www.bizjourn...hq-by-2025.html

[Old Man]

Would it make sense to merge the two threads together????

[BSLChrisStoner]

Would it make sense to merge the two threads together????

No...  they are intertwined, but also unique aspects.

[BSLChrisStoner]

Balt Sun: Under Armour’s scaled-back headquarters raises questions about the future of Port Covington

https://www.baltimor...q63y-story.html

[mweb08]

Baltimore Brew
Average citizens tried to tell city leaders: Port Covington was too good to be true
https://www.baltimor...ood-to-be-true/

[BSLMikeLowe]

I'll be curious to see what happens with The Sun's building, which occupies a good chunk of PC, now that the paper is in the hands of an owner known for shedding real estate assets.

 

The whole development turned out to be quite a mess, for reasons both foreseeable and unforeseeable at the start. Still, that's a lot of vacant land sitting in a pretty prime location. Some smart leadership and investment ought to be able to turn things around there.

[BSLChrisStoner]

Balt Sun: Port Covington developers look to create nationally known biotech hub in South Baltimore
https://www.baltimor...nzya-story.html

 

Balt Sun: Four tech companies move to Port Covington’s City Garage and Impact Village
https://www.baltimor...bysq-story.html

 

Balt Magazine: What to Expect From Port Covington’s Next Development Phase
https://www.baltimor...elopment-phase/

 

Because the infrastructure and waterfront improvement work is largely funded with $660 million in Tax Increment Financing (TIF) that needed approval from the Mayor and City Council, housing advocates and others initially voiced concerns that the development should give back to the community by providing affordable apartments, jobs, and other benefits for residents of South Baltimore and elsewhere in the city.

In response, the Port Covington development signed a Community Benefits Agreement in 2016 with the South Baltimore 6 (SB6) Coalition—a nonprofit organization that represents the surrounding communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans, and Westport—to outline how these communities will benefit from the project. The developers also entered into a Memorandum of Understanding with the City of Baltimore that includes more than $100 million in commitments to fund priorities such as workforce development, education, economic development, and affordable housing.

“[We have an] obligation to the city of Baltimore to ensure that Port Covington benefits as many people and as many parts of this city as possible,” Plank said. 

To date, the team has funded more than $19 million toward its MOU and Community Benefits Agreement, including more than $9 million of baseline funding to the South Baltimore communities. At the groundbreaking event, the developers reported that 20 percent of the residences in this phase of Port Covington will be affordable housing and that of $36.5 million awarded for infrastructure work, contracts totaling $27 million have gone to minority-owned firms and contracts totaling $3 million have gone to women-owned firms.

Other community benefits so far include providing free office and maker space for local entrepreneurs, fundraising for fields in Cherry Hill’s Reedbird Park, aiding comprehensive planning efforts for the Middle Branch waterfront, and sponsoring “Gwynnda,” the new Gwynns Falls Trash Wheel.

[Mike in STL]

Baltimore Brew
Average citizens tried to tell city leaders: Port Covington was too good to be true
https://www.baltimor...ood-to-be-true/

 

 

Balt Sun: Port Covington developers look to create nationally known biotech hub in South Baltimore
https://www.baltimor...nzya-story.html

 

Balt Sun: Four tech companies move to Port Covington’s City Garage and Impact Village
https://www.baltimor...bysq-story.html

 

Balt Magazine: What to Expect From Port Covington’s Next Development Phase
https://www.baltimor...elopment-phase/

 

Because the infrastructure and waterfront improvement work is largely funded with $660 million in Tax Increment Financing (TIF) that needed approval from the Mayor and City Council, housing advocates and others initially voiced concerns that the development should give back to the community by providing affordable apartments, jobs, and other benefits for residents of South Baltimore and elsewhere in the city.

In response, the Port Covington development signed a Community Benefits Agreement in 2016 with the South Baltimore 6 (SB6) Coalition—a nonprofit organization that represents the surrounding communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans, and Westport—to outline how these communities will benefit from the project. The developers also entered into a Memorandum of Understanding with the City of Baltimore that includes more than $100 million in commitments to fund priorities such as workforce development, education, economic development, and affordable housing.

“[We have an] obligation to the city of Baltimore to ensure that Port Covington benefits as many people and as many parts of this city as possible,” Plank said. 

To date, the team has funded more than $19 million toward its MOU and Community Benefits Agreement, including more than $9 million of baseline funding to the South Baltimore communities. At the groundbreaking event, the developers reported that 20 percent of the residences in this phase of Port Covington will be affordable housing and that of $36.5 million awarded for infrastructure work, contracts totaling $27 million have gone to minority-owned firms and contracts totaling $3 million have gone to women-owned firms.

Other community benefits so far include providing free office and maker space for local entrepreneurs, fundraising for fields in Cherry Hill’s Reedbird Park, aiding comprehensive planning efforts for the Middle Branch waterfront, and sponsoring “Gwynnda,” the new Gwynns Falls Trash Wheel.