Baltimore County wants a $25 million grant from the federal government to improve Tradepoint Atlantic’s marine facilities.
Tradepoint Atlantic, the name of the project and the developer, plans a private investment of $25.5 million. The funds would be used for several infrastructure improvements, including structural upgrades to the site’s East-West berth, strengthening bulkheads and dredging to allow larger ships access to the site.
“This public/private infrastructure investment can ignite job creation in Baltimore County and the entire region by speeding up the turnaround of Sparrows Point from a shuttered steelmaking site into a modern hub for global commerce,” Baltimore County Executive Kevin Kamenetz said in a statement.
Improvements to the site, if the Transportation Generating Economic Recovery grant is approved, are expected to take four years. There are no plans to handle container cargo at the site.
Tradepoint Atlantic, a joint venture between Redwood Capital LLC and Hilco Real Estate Co., is transforming the former steelmaking site at Sparrows Point into one the nation’s largest multimodal facilities. When complete, the project will include 16 million square feet of space on 3,100 acres requiring an investment greater than $2 billion.
The project is expected to have a $2.9 billion impact on the regional economy and to support 17,000 direct and indirect jobs.