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PORT COVINGTON 106 • SHOPPING CENTER BUSINESS • December 2017 "We are building a workforce develop- ment program for the development that is intended to feed the businesses the teammates they need to be successful, including hospitality, retail and more," Weller says. "A hospitality training program will provide for restaurants, and a retail training program will help provide for retail stores. "We also have other programs in the works to provide for services includ- ing landscaping and grounds main- tenance throughout the site. We are working with Baltimore's recreation department to serve that aspect of the project as well." In May, the neighborhoods formally as- sembled into the SB7 Coalition that will work with Sagamore on implementing the community-improvement programming, according to the Baltimore Sun, which reported that Sagamore has committed $10 million while SB7 is expected to raise an additional $10 million. Weller says Port Covington's loca- tion is critical to its success. Positioned along Interstate 95, the site will be eas- ily accessible by drivers from Wash- ington, D.C., and Philadelphia. "As we improve public transportation and vehicular access, there's an opportu- nity to be the meeting place of the East Coast," Weller says. "The convenience and proximity is what I think really al- lows this site to develop itself and create its own demand drivers." Sagamore says the complete develop- ment will spur economic growth. Ac- cording to MuniCap, a public finance consulting group cited in the Baltimore Sun's reporting on Port Covington, the city could gain 35,000 new jobs at full build out. Funding includes $535 million for in- frastructure from Baltimore city through tax-increment financing (which is the city's largest ever TIF); $349.5 million in state funds; $327.8 million from Saga- more's equity and $224.2 million in fed- eral funds. Looking around the country, it's diffi- cult to look for precedents or similar mod- els to anticipate the full future effect Port Covington will have on Baltimore. "When it comes to scale, it's hard to compare Port Covington," Weller says. "Detroit is similar in terms of its focus on growing the urban core and the ur- ban fabric. When it comes to design, we are taking ideas from places around the world in Europe and Asia where there are smaller, unique and interesting spac- es and places. With that said, we are making sure that Port Covington remains very Baltimore." SCB Port Covington will take approximately 25 years to fully build out, but once complete, it's expected to be so large it will create its own tax base. In the first phase of development, which begins next year, Sagamore will overinvest in retail for placemaking purposes. Sagamore has plans to build 1.3 million square feet of retail over time.