Latest news with #Tradepoint
Business Journals
22-04-2025
- Business
- Business Journals
Tradepoint Atlantic plans $100M logistics complex in Howard County
Tradepoint Atlantic's expansion into Howard County signals a new chapter for the developer, with local officials hailing the project as transformative for the area. Story Highlights Tradepoint Atlantic is planning a $100 million logistics complex in Howard County. The project will create 500 new jobs in the Savage area. Groundbreaking for the first warehouse begins in early 2026. Tradepoint Atlantic will expand its footprint in Maryland with a $100 million, 500,000-square-foot logistics complex in Howard County. Plans for Tradepoint at Savage Crossing, located on Route 1 near Laurel, were released Tuesday by Howard County officials and the developer. The project represents Tradepoint's first Maryland development outside of Baltimore County, where the firm has converted 3,300 acres at the former Bethlehem Steel plant in Dundalk into an international trade center with over $2 billion in private investment so far. About 500 new jobs are expected in Savage when the 35-acre project is built out. The Baltimore County site hit its 10-year anniversary last year, and Tradepoint officials said it's time for more growth in the region. The move into Howard County is the result of ongoing negotiations with state and county leaders to develop the state-of-the-art industrial and possible manufacturing complex at 9299 Washington Blvd. DOWNLOAD the free BBJ app for breaking news alerts on your phone. Christiana Rigby, a member of the County Council whose district includes Savage, called the move transformative for the southern Howard County community between Jessup and Laurel that today is a mix of vacant and dilapidated structures, small hotels and newly developed multi-family complexes. "Bringing $100 million to revitalize our portion of the Route 1 corridor and creating hundreds of new jobs — I'm thrilled," Rigby said. The future Tradepoint expansion property today holds WillScot, a mini-storage and portable office container firm, which is expected to sell the site to the large developer by year's end for an undisclosed price. Groundbreaking on the first of three Class A industrial warehouses will take place in early 2026, and the complex is expected to be completed in 2029. "Our hope is that successful development like Tradepoint at Savage Crossing will add to the economic development ecosystem here and further encourage other businesses to look to this area for their next expansion," Howard County Executive Calvin Ball said. Howard County recently paved the way for the expansion by passing new land use regulations to allow flex warehouse development on Route 1. A portion of the large suburban county was also recently awarded a state Enterprise Zone designation, which includes part of Route 1 near Savage, but not the Tradpoint expansion site, Ball added. That designation will allow tax breaks and other incentives to businesses located within those boundaries, and Ball pledged the county's support over the coming years to help Tradepoint put down roots. "We realize that Tradepoint Atlantic is making a significant investment at a challenging time. Please know that we will remain your partner through this journey. Together we will meet the magic of this moment," Ball said. Aaron Tomarchio, senior vice president at Tradepoint, said the move to expand into a new county was a way to "build upon the development model we had created." He noted that Savage's location between Baltimore and Washington, D.C. and proximity to Interstate 95 were major drivers for the project. "Our team set their eyes on other opportunities where we could bring thoughtful, redevelopment strategies and transformational change to a new project and community," Tomarchio said. Marc Salotti, Tradepoint's managing director, said the firm could grow further in other jurisdictions with locations "to be determined." expand A bird's eye view of the 3,300-acre Tradepoint Atlantic development in Sparrow's Point. Tradepoint Atlantic State Sen. Guy Guzzone, who represents a portion of the Route 1 corridor, said the area has been cited for years as ripe for redevelopment and upgrades. The thoroughfare runs through Maryland as an alternate route to Interstate 95, and was once the only roadway stretching from Maine to Florida, before the U.S. interstate system was built. "This is a big one to have (Tradepoint) come here to redevelop this land," Guzzone said. "The fundamental of all this is jobs. At the basis, we're trying to build a community where people have jobs close to where they live and have economic development that lifts up the community. We're so lucky." The private Tradepoint development is fueled by investors at Redwood Holdings, chaired by the low-profile yet powerhouse Baltimore investor Jim Davis. Redwood joined with Hilco Global in 2014 to acquire Sparrows Point out of bankruptcy before Hilco sold its share in the project. Today, Tradepoint at Sparrows Point has more than 13,000 workers and other officials on site each day, and just over 50 warehouse, logistics and manufacturing facilities. A massive private port is under development on 330 acres, and the Sparrows Point Container Terminal is expected to be completed by early 2028, with 1,000 new jobs expected to follow.
Yahoo
04-02-2025
- Business
- Yahoo
Maryland Gov. Wes Moore to unveil new design for Baltimore's Key Bridge on Tuesday
BALTIMORE — Gov. Wes Moore and the Maryland Transportation Authority plan to unveil the new concept for the design of the Francis Scott Key Bridge at Tradepoint Atlantic on Tuesday. The new design marks is a 'significant milestone' in the multiyear project to restore the connection with the community, enhance safety and improve accessibility and economic growth, according to a news release. Along with Lt. Gov. Aruna Miller, Maryland Transportation Secretary Paul J. Wiedefeld and MTA Executive Director Bruce Gartner, Moore plans to host a news conference outlining the new developments at 11:30 a.m. at Tradepoint's Sparrows Point facility. On March 26, 2024, the Dali container ship, which weighed more than 112,000 tons loaded with freight, experienced a reported power outage near the Baltimore bridge and smashed into one of its principal supporting piers around 1:30 a.m. The bridge crumbled in an instant, sending a crew of workers, who were repairing potholes on Interstate 695, tumbling into the frigid river below. Six highway construction workers were killed. The Dali had just left the Port of Baltimore for an intended monthslong voyage to Sri Lanka. Officials have pledged to hold those behind the ship accountable for the crash, depending on an investigation by the National Transportation Safety Board. The independent federal agency is probing everything from what went wrong aboard the ship to the bridge's previous design. The replacement bridge is expected to be completed by October 2028 and will cost between $1.7 billion and $1.9 billion, according to state officials. Congress has approved full funding for the project. Construction crews on barges, drills, cranes, tugs and service vessels have begun drilling to collect soil samples and map subsurface waterways around the Key Bridge. Officials with the MTA said noise impacts and traffic disruptions will be minimal and will not significantly impact navigation on the Patapsco River. Demolition of the remaining structure is slated to begin this spring with construction beginning shortly thereafter. _____
