Port Covington Development Team to mark Chapter 1B

Daily Record Staff//February 16, 2021//

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Weller Development Co. officials unveiled plans for 3 million square feet of building in 'Chapter 1' of the $5.5 billion Port Covington development. (Rendering Courtesy Weller Development Co.) — Weller Development Co.’s plans for 3 million square feet of building in ‘Chapter 1’ of the $5.5 billion Port Covington development. (Rendering Courtesy Weller Development Co.)

The Port Covington Development Team will host a hybrid virtual/in-person groundbreaking ceremony Feb. 18 to celebrate the start of vertical construction on Chapter 1B of the development.

A variety of involved public officials, members of the Port Covington Development team and its investors will speak at the event, including Margaret Anadu, partner, Merchant Banking Division & Head of the Urban Investment Group, Goldman Sachs; Marc Broady, VP Community Affairs, Weller Development Company; U.S. Rep. Anthony Brown, D-Md., U.S. Sen. Benjamin Cardin, D-Md., Gov. Larry Hogan; Kevin Plank, Founder, executive chairman & brand chief, Under Armour; and Marc Weller, founding partner and president, Weller Development Company.

Chapter 1B of the Port Covington development is scheduled to begin delivering in late 2022. This groundbreaking celebrates the start of vertical construction. This development phase includes more than 1.1 million square feet of development with 440,000 square feet of office space, 586,000 square feet of residential space with 367 residential dwelling units, 89 affordable dwelling units and 81 extended stay units; 116,000 square feet of retail space; More than 1,000 parking spaces; and 10 acres of parks and public space.

A redeveloped Port Covington will have a fundamental and far-reaching positive impact on the Baltimore metropolitan area and will pave the way for an influx of economic benefits, investment, and jobs. Upon completion, Chapter 1 will include 3.4 million square feet of development. At full development, Port Covington will include up to 18 million square feet of new, mixed-use development, with 2 1/2 miles of restored waterfront in Baltimore

In 2016, the Port Covington Development Team signed a Community Benefits Agreement with the South Baltimore 6 (SB6) Coalition, a nonprofit organization that represents the surrounding South Baltimore communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans and Westport, to outline how these communities will benefit from the Port Covington urban revitalization. The Port Covington Development Team simultaneously entered 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, SB6 local community benefits, affordable housing, and more.

The Port Covington Development Team has funded more than $19 million toward its MOU and CBA commitments to date, including more than $9 million of baseline funding that was deployed to SB7 upon the closing of the financing.