Owners of the former steel mill at Sparrows Point said Friday that within five years, they hope to have a "very significant" portion of the property leased to industrial tenants.
Mike Pedone, chief operating officer of Sparrows Point Terminal LLC, told state lawmakers Friday he hopes his company's progress meets the high expectations of the community, which "frankly has been burned" in the past.
In a briefing before Baltimore County's delegates and state senators, Pedone said his company's priorities for the next 12 to 24 months include making improvements to Sparrows Point's rail lines and port facilities, including some maintenance dredging, and getting existing buildings and some vacant parcels ready for the first tenants. Demolition of old structures continues.
No tenants have been announced for the 3,100-acre site, but FedEx has begun the county approval process to open a distribution hub at Sparrows Point.
Pedone said Sparrows Point will benefit from the dredging of the shipping channels leading to Baltimore, which will be needed to accommodate larger Panamax class ships at Sparrows Point, as well as Baltimore's other port facilities.
Sparrows Point Terminal, which is backed financially by local investment firm Redwood Capital Investments, bought the former steel mill last fall and pledged to conduct a $48 million environmental cleanup as part of a massive redevelopment of the site.
Steel was produced at Sparrows Point for more than a century, mostly under the auspices of Bethlehem Steel. After a series of ownership changes, the mill closed in 2012 when its then-owner, RG Steel, filed for bankruptcy.
Pedone said his company is making a long-term commitment to Sparrows Point. The company envisions running port and shipping facilities along the waterfront on the south part of the property, housing manufacturing and processing businesses at the center of the property and housing distribution and logistics on the north side. Part of the property could be used to store dredged material.
"This is not a flip investment. This is not a flip transaction. This is not a flip project," he said.
Del. Stephen W. Lafferty, chairman of the county's House delegation, noted many people are eagerly anticipating progress at Sparrows Point: "I think everyone here would like to see it happen tomorrow."
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