Port Covington Gets Backing From Goldman Sachs

BALTIMORE, MD - The plan to redevelop a waterfront industrial area in south Baltimore has a little help from Wall Street.

Goldman Sachs has announced it will be pitching in $233 million toward the Port Covington project.

"This unprecedented public-private partnership will provide Baltimoreans with new jobs and neighborhood assets that are more connected and accessible through thoughtful planning and modern infrastructure,” Goldman Sachs Managing Director and Head of the Urban Investment Group Margaret Anadu said.

Essentially, the large donation provides a capital infusion toward what the Wall Street Journal called a "mini city" in an industrial area in need of revitalization.

The proposed project calls for a 235-acre development that will be built out over a quarter of a century to include 40 acres of parks and green space, 2.5 miles of restored waterfront and a maximum of 18 million square feet of development. The new buildings will include residential as well as commercial spaces.

“This is tremendous news for Baltimore City and our workforce,” Baltimore Mayor Catherine Pugh said in a statement about the investment by Goldman Sachs. “Investors are seeing what we already know about Baltimore: we’re a city on the rise, and an economic hub with a strong, diverse workforce. This is significant progress for the Port Covington project.”

Sagamore Development is overseeing the planned development of Port Covington. The majority owner in the real estate company is Under Armour founder Kevin Plank, whose athletic wear company owns 50 acres adjacent to the Port Covington site.

The total cost of the Port Covington project is $5.5 billion, the Associated Press reports.

Image via Shutterstock.