Developers have broken ground on the $5.5 billion, 235-acre Port Covington redevelopment project that will build dozens of new offices, residences, stores and restaurants along the Baltimore waterfront.
Deemed one of the largest urban development revitalization projects in the United States, at full build-out the redevelopment will span more than 18 million square feet, 177 acres and 45 city blocks. It will include 1.38 million square feet of office space, 337,450 square feet of retail space, 976,667 square feet of residential space and 285,000 square feet of hotel space.
Phase one of the project, valued at $600 million to $700 million, will include Rye Street Market, which will include four buildings totaling 275,000 square feet. Phase one is expected to be completed by fall 2021.
Following that, the development team aims to deliver 1 million square feet of additional development by 2022. This will include a 300,000-square-foot office building with 20,000 square feet of ground-floor retail and three residential properties with more than 500 apartments and 55,000 square feet of ground-floor retail.
Later phases are slated to include more than 10 million additional square feet of office, residential, retail and hotel development, with the opportunity to expand.
Weller Development Company is leading the redevelopment , in conjunction with key investors Plank Industries and the Goldman Sachs Urban Investment Group.
Bond financing will help pay for an estimated $1.4 billion of infrastructure costs, according to Construction Dive. The project is a public-private partnership between developers and the city of Baltimore.