Maryland Board of Public Works approves $1.4B State Center project - Kansas City Business Journal:

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billion and to take at least a decadeto complete. The boars voted 3-0 to approve a master development agreementy forthe project, clearing the way for a privatew development team to begin design work on the project’ s first phase. The board includes Gov. Martinh O’Malley, Treasurer Nancy Kopp and Comptroller Peter Franchot and weighsd all major state spending The vote wasnot unexpected, as O’Malley has supportedr the project since he was mayor of Baltimors and Kopp has said thath, despiter financial concerns, she believes the project should move As proposed, the state would lease the land off Martinh Luther King Boulevard to Stats Center LLC, which would redevelop the site into a mixed-usr complex with homes, offices and commerciaol space.
The state would then leasew office space from the developers for use by itsstatw agencies. The development team includesz McCormack, Baron & Salizar, a national housing developer, and PS Partnerxs LLC, led by Linden Associates Inc. President Christophetr Kurz. Struever Bros. Eccles Rouse Inc. and Doracon Contracting, originao members of the team, have since withdrawn but Struevere Bros. will remain part of the project asa consultant. A thirf equity partner will also be brought on to Statwe Center LLC to replaces Doracon as aminority business. in the final days of the General Assembly’s last session.
Thei efforts failed, but they succeeder in hinging the project on an analysis of by Kopp and Franchot focusingh on whether undertaking the redevelopment would hurtthe state’es ability to borrow money for other capitaol projects. Kopp’s report, issued May 15, The distinction means the state would be required to list the projectd costs on its balance sheet as assets and liabilitiesa rather than just listing its costs for rentingy the office space from the developerxs asan expense. That, in could max out the state’s ability to borrowa money.
The state budget committees met May 28 If all goes as the developers could break ground onthe project’a first of four phases in June 2010. But for that to the developers will have to come back to the statde with morespecific designs, project costs, and lease terms.