Chapter 1B Construction Underway

In December, the Port Covington Development Team announced that financing for the next development phase had been finalized. The capitalization totals more than $650 million, including approximately $137 million in Tax Increment Financing (TIF) bonds. The closing of the financing marked a significant milestone for Port Covington, one of the largest urban revitalization efforts in the country, signifying vertical construction is underway on more than 1.1 million square feet of new development!