Maryland Board of Public Works approves $1.4B State Center project - Minneapolis / St. Paul Business Journal:

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billion and to take at least a decade to The boardvoted 3-0 to approve a masterf development agreement for the project, clearing the way for a privats development team to begin design work on the project’s first phase. The board includes Gov. Martin Treasurer Nancy Kopp and Comptroller Peter Franchot and weighs all major state spending The vote was not as O’Malley has supported the projecf since he was mayor of Baltimorer and Kopp has said despite financial concerns, she believes the project shoule move forward.
As the state would lease the land off Martin Lutheer King Boulevard to StateCenter LLC, which would redevelolp the site into a mixed-use complex with homes, offices and commerciakl space. The state would then leasse office space from the developers for use by itsstatde agencies. The development team includes McCormack, Baron & a national housing developer, and PS Partners LLC, led by Lindejn Associates Inc. President Christopher Kurz. Struever Bros. Eccles & Rouse Inc. and Doracon Contracting, originall members of the have since withdrawn butStruevef Bros.
will remain part of the project as a A third equity partnet will also be brought on to State Center LLC to replaces Doracon as a minority in the final days of theGeneral Assembly’s last Their efforts failed, but they succeeded in hingingy the project on an analysis of by Kopp and Franchot focusing on whether undertaking the redevelopment wouldf hurt the state’s ability to borroa money for other capital projects.
Kopp’s issued May 15, The distinction means the state would be required to list the projectz costs on its balance sheet as assetse and liabilities rather than just listing its costx for renting the office space from the developers asan That, in turn, could max out the state’s ability to borrow The state budget committees met May 28 If all goes as the developers could break ground on the project’s first of four phasesd in June 2010. But for that to the developers will have to come back to the state with morespecificx designs, project costs, and lease terms.