BALTIMORE, MD (January 22, 2008) – Governor Martin O’Malley today joined Baltimore developers and federal, state and local officials to break ground on Harbor Point, an $830 million mixed-used waterfront project located between Baltimore’s Harbor East and Fells Point communities. The project, which is being developed by Struever Bros. Eccles & Rouse and H&S Properties Development Corporation and has been hailed as the final component of the City’s waterfront revitalization, will serve as the Baltimore home to leading financial services firm Morgan Stanley, which is expected to bring up to 900 new jobs to Baltimore City over the next decade.
“Today we celebrate a new chapter in Baltimore’s renaissance, and new opportunities for Baltimore City and the State,” said Governor O’Malley, who has played a significant role in the project since plans for development first began in 2000. “What was once a long vacant and underutilized waterfront property will be transformed into residences, a public park with pedestrian promenades and brand new office space that will yield thousands of well-paying jobs for working Marylanders.”
Morgan Stanley’s plans to move its business services and technology group to Harbor Point coupled with Legg Mason’s new corporate headquarters at Harbor East and T. Rowe Price’s addition of 1,400 new jobs at their Owings Mills campus significantly enhances Maryland’s growing reputation as a leading financial center and confirms the State’s ability to attract and retain world class businesses.
Costing upwards of $830 million, the 27-acre site on the former Allied Signal plant will include approximately 841,000 square feet of office space; 701,000 square feet of residential space; 183,000 square feet of hotel space and 2,900 parking spaces in a phased development program. Harbor Point will also include 11 acres of open green space and a public waterfront promenade. The project is expected to bring more than 5,600 potential construction jobs to Baltimore and generate more than 3,200 potential permanent jobs for Baltimore city.
In November, Morgan Stanley became Harbor Point’s first tenant, announcing that it had signed a lease for 139,000 square feet of space. The first phase of Harbor Point’s development will be completed in January of 2010, when Morgan Stanley takes occupancy of its new office space at Thames Street Wharf. The entire 1.8 million square foot Harbor Point redevelopment is scheduled to be completed by 2015.