A new $650 million financing closed for the Port Covington development project, and construction has restart on a site that includes a planned innovation hub and lab space in South Baltimore.

Construction on the 1.1 million-square-foot development that will bring the first phase of buildings to the site. Work had originally kicked off in May 2019, but was stopped earlier this year for safety reasons due to the pandemic by the group of firms that make up the Port Covington Development Team. It started back up just before the closing of the financing last week.

This phase of “vertical construction” is slated to result in five buildings, which will mix office, residential, retail and market space. The development team indicated buildings are expected to be completed in 2022.

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