1.1 Million SF of Vertical Construction Set to Begin in Port Covington
The Port Covington Development Team (lead investors Sagamore Ventures and Goldman Sachs Urban Investment Group, and lead developer Weller Development), today announced that financing for the next development phase has been finalized. The capitalization totals more than $650 million, including approximately $137 million in Tax Increment Financing (TIF) bonds. The closing of the financing marks a significant milestone for one of the largest urban revitalization efforts in the country, signifying vertical construction is underway. In conjunction with the closings, the Port Covington Development Team funded more than $9 million to the South Baltimore 7 (SB7) Coalition, as part of its $19 million MOU and CBA commitments to date.