Sagamore Development hosted a group of state senators, including Senate President Thomas V. Mike Miller, for a tour of Under Armour CEO Kevin Plank's massive Port Covington redevelopment Thursday, as the search for funding to realize the $5.5 billion project starts to move beyond the city.
Representatives of Sagamore and Under Armour briefed members of the Senate Budget and Taxation Committee on the plans and showed off City Garage and other parts of the site, including the "Lighthouse," the manufacturing and design center where Under Armour tests new products.
Baltimore last month agreed to float a record $660 million in bonds to pay for streets, utilities and parks on the South Baltimore site, but the money hunt has just begun.
Sagamore, Plank's private real estate firm, expects to seek more than $500 million in state and federal funding for the area, where he plans a new Under Armour campus, next to as much as 14 million square feet of additional development.
The public funding is expected to go to projects such as highway ramp changes to nearby Interstate-95, which runs past the northern edge of Plank's domain.
State Sen. Nathaniel J. McFadden called attention to a different priority for improvement: fixes to the crumbling Hanover Street bridge, which links Port Covington and Cherry Hill. The city is studying options for the bridge, but the city financing approved last month is not slated to go to the bridge's repair or replacement.
Sagamore hopes to see the bridge restored, said Steven Siegel, executive vice president of Sagamore Development.