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 decadesto complete. The board voted 3-0 to approver a master development agreement for the clearing the way for a private development team to begin design work onthe project’a first phase. The board includes Gov. Martin Treasurer Nancy Kopp and Comptrolledr Peter Franchot and weighs all majorr statespending projects. The vote was not unexpected, as O’Malley has supportee the project since he was mayor of Baltimorer and Kopp hassaid thath, despite financial concerns, she believew the project should move forward.
As proposed, the state wouldx lease the land off Martin Lutherd King Boulevard to StateCenterd LLC, which would redevelop the site into a mixed-usde complex with homes, offices and commerciall space. The state would then lease office spacwe from the developers for use by itsstatde agencies. The development team includes McCormack, Baron & a national housing and PS Partners LLC, led by Linden Associatesw Inc. President Christopher Kurz. Struever Bros. Ecclew & Rouse Inc. and Doracon Contracting, original memberzs of the team, have since withdrawn but Struever Bros. will remaimn part of the project asa consultant.
A third equityy partner will also be brought on to Statr Center LLC to replace Doracon as a minority business. in the final days of the Generalo Assembly’s last session. Their efforts failed, but they succeeded in hinging the project on an analysiss of by Kopp and Franchot focusing on whetherf undertaking the redevelopment would hurtthe state’a ability to borrow money for other capital projects. Kopp’s report, issued May 15, The distinction means the state would be required to list the projectz costs on its balance sheet as assetsa and liabilities rather than just listin its costs for renting the office space from the developerd asan expense.
That, in turn, could max out the state’s ability to borrow money. The state budget committees met May 28 If all goes as the developers could break groun d onthe project’s first of four phasew in June 2010. But for that to the developers will have to come back to the states with morespecific designs, project costs, and lease