BALTIMORE (AP) — A $5.5 billion redevelopment effort in Baltimore that’s been touted as one of America’s biggest urban renewal efforts is moving forward, as officials held a ceremonial groundbreaking for the latest construction phase.
Developers and politicians held the ceremony for the Port Covington initiative on Monday. The South Baltimore project aims to transform a mostly industrial waterfront into an 18 million-square-foot mixed-use complex.
One of the project’s owners is investment banking giant Goldman Sachs.
Political leaders have enthusiastically backed the redevelopment vision conceived by Under Armour CEO Kevin Plank. At the Monday groundbreaking, Baltimore Mayor Bernard “Jack” Young portrayed it as “vitally important” to the future of Maryland’s biggest city.
In 2016, Baltimore authorized a $660 million tax increment financing deal to pave the way for the Port Covington plans.
