US$5.5 billion Baltimore PPP

Construction has begun on a new US$5.5 billion redevelopment of Port Covington in Baltimore, Maryland, US.

The first phase of the project, which will create 120,000m² of office space, around 31,400m² of new retail space and about 117,150m² of new residential and hotel space, is expected to cost around US$600 million to US$700 million.

When the entire project has been built, around 40 acres (161,874m²) of parks and green space will be delivered, 4.02 km of restored waterfront and 1,672,250m² of new mixed-use space.

The project itself is a public private partnership (PPP) between the city of Baltimore and the Port Covington developers.

Leading construction is Whiting-Turner Contracting Co. with STV Inc. operating as the licensed engineer.

Partial funding will be generated through bond financing to help pay for the estimated US$1.4 billion required for new infrastructure.

The developers have agreed to provide benefits for local trades by hiring minority contractors to participate in the project.

A contribution of US$10 million has also been offered by the developers as a way of empowering young people in youth education programs.

The entire project is expected to be completed by 2045.