Billion Dollar Development Would Close Gap Between Fells Point & Harbor East
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BALTIMORE (WJZ) — A billion-dollar development proposed for the Baltimore harbor is in the works.
Pat Warren reports Harbor Point would take its place between Fells Point and Harbor East.
Ask people what they think of the Inner Harbor and here’s what they’ll tell you.
“We can come here and just have a good time,” said Truman Hanks, visiting from Southern Maryland.
But getting it built wasn’t easy.
“There was much skepticism. There was anger, there was distrust, but in the end, the idea of progress and growth won the day,” said Mayor Stephanie Rawlings-Blake.
City leaders now hope to win a day without a battle.
The mayor and council president are promoting the development of Harbor Point, a mixed use community on what used to stand a chrome processing plant between Fells Point and Harbor East.
“And generate on average nearly $20 million in new city tax revenue annually,” the mayor said.
According to the mayor, the projected tax revenue increases from the current $244,000 is $19.6 million per year. Increased property and other related taxes would net $589 million over 30 years.
“Madam mayor, I am your partner on this,” said City Council President Jack Young.
Under a public-private partnership with the developer, City Council must approve $106 million for public infrastructure.
“I will do all that I can do to make sure that this project moves forward,” Young promised. “Because all I want to see is jobs, jobs, jobs.”
The mayor will introduce the legislation Monday.
Harbor Point would be built in phases over a 12 year period.