PORT COVINGTON UPDATE
PORT COVINGTON UPDATE
PORT COVINGTON MILESTONES
2013?2015 2016
LAND ASSEMBLAGE OF THE MAJORITY OF THE SITE
MARCH: MARYLAND TRANSPORTATION AUTHORITY COMMITMENT OF $33 MILLION FOR HIGHWAY IMPROVEMENTS
MAY: TIF APPLICATION SUBMITTED
JUNE: MASTER PLAN APPROVED
2017 2018
2019 2020?2024
2021?2026
JULY: 56 ACRES SOLD TO UNDER ARMOUR FOR THEIR PROPOSED
GLOBAL HEADQUARTERS
SEPTEMBER: $660 MILLION TIF APPROVED
DECEMBER: FINAL ZONING APPROVED
Q3: EQUITY CLOSING
Q3: INITIAL TIF ISSUANCE FOR INFRASTRUCTURE START
VERTICAL CONSTRUCTION START
Q1 2020?Q1 2024: CHAPTER ONE INITIAL DELIVERIES
CHAPTER ONE STABILIZATION
? JUNE 2016 ?
MASTER PLAN APPROVAL FOR 18,000,000 SQUARE FEET Under Armour HQ 3,900,000 square feet and mixed-use 14,000,000+ square feet
? SEPTEMBER 2016 ?
$660 MILLION TIF APPROVED FOR PUBLIC INFRASTRUCTURE $535 Million on-site budget for infrastructure and waterfront improvements
? DECEMBER 2016 ?
MATTER-OF-RIGHT ZONING Approved allowing for unlimited height/density and robust list of allowable uses
? SEPTEMBER 2017 ?
JOINT VENTURE PARTNERSHIP WITH GOLDMAN SACHS Equity of $233 million towards infrastructure and Phase 1 development
CHAPTER 1B: INFRASTRUCTURE
PORT COVINGTON TODAY
CHAPTER 1B - OVERLAY
ATLAS STREET - PLAN
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