Baltimore City Council Approves $100M For Harbor Point Development
BALTIMORE (WJZ) -- Baltimore's harbor gets a new look. The City Council has approved spending $100 million for Harbor Point.
Political reporter Pat Warren has more on what that new look will be.
It is going to be the headquarters for Exelon and, according to supporters, a windfall for the city.
City leaders look at the patch of property and see dollar signs.
"You can spend a lot of time talking about a vision and talking about a dream, but what have you done?" said Mayor Stephanie Rawlings-Blake.
What the mayor and council have done is approve $100 million taxpayer dollars to help developer Michael Beatty develop Harbor Point.
"And I'm excited again, to be a small part of it and to help move things forward if I can," Beatty said.
Project supporters are expecting spectacular results, taking property valued at $10 million and anticipating a $1.8 billion value later, when Harbor Point is completed.
"It is a catalytic project. It is a smart investment that's gonna create jobs and spur more development," Rawlings-Blake said.
Taxpayers should be able to see where their money goes, relaxing in $59 million worth of parks, strolling along a $29 million promenade and crossing a $10 million bridge.
"It's such a dynamic piece of property," said Beatty. "It's always been planned to be that waterfront park space."
The anchor for Harbor Point is the new regional headquarters for Exelon, and the developer expects to break ground Oct. 15. An overhead rendering outlines the parks and promenade along the waterfront.
Beatty says $920 million will come from private investments.
Beatty has promised $3 million for the city's fund for low-income housing.
