Construction is beginning on the next phase of development in Port Covington, where the first buildings will include space for tech companies.
On Monday, officials and a group of firms collectively known as the Port Covington Development Team gathered for a ceremonial groundbreaking at the South Baltimore site, which kicked off the first new construction on the property. Known as “Chapter 1,” this phase covers a mix of residential, retail and office space, which will be built over several years.
We are thrilled to begin the next steps in building @port_covington, and to work alongside the people of #Baltimore to truly make an impact on the city’s future. pic.twitter.com/HwnQfXVyi6
— Weller Development (@wellerdevco) May 13, 2019
“Today’s groundbreaking is about more than just this one development or one community. It is symbolic of what’s in store for Baltimore’s economic future: more momentum, more jobs, more opportunity for our residents and our local workforce,” Baltimore Mayor Bernard C. “Jack” Young said in a statement.
The first property, known as Rye Street Market, will consist of four buildings. This includes office space for companies that move to the area. As officials previously said, this includes a focus on cybersecurity, with startup studio DataTribe, investment firm AllegisCyber, and Evergreen Advisors already committed.
The 275,000-square-foot Rye Street Market will also include an open-air market and food hall inspired by the city’s neighborhood markets, a meeting facility and retail space. Plus, it’ll have a 15,000-square-foot rooftop event space overlooking the water.
Another 1 million square feet of development is in the works to delivered by 2022, officials said. Chapter 1 also includes structures that opened in the area over the last several years, including City Garage. It is separate from a new campus for Under Armour that has also been presented as part of plans for the area.
“Port Covington is exactly the type of smart, thoughtful redevelopment we need to put South Baltimore back on the map,” Maryland Congressman C.A. Dutch Ruppersberger said in a statement. “This project will add thousands of new jobs, create park land and open space where an environmental wasteland once stood, and provide affordable housing for more families. And it’s going to create a domino-effect of economic wins for the entire city and region.
The 235-acre Port Covington property is jointly owned by Plank Industries and Goldman Sachs Urban Investment Group. Weller Development Company is serving as lead developer.
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