"Our city is moving forward with new development, new housing, the prospect of new retail, and much needed parking," Baltimore mayor Martin O'Malley says in a statement to the crowd attending the ceremony. "With Inner Harbor East coming to life, we have an incredible opportunity to bridge strong neighborhoods together."

Upon completion, Spinnaker Bay will feature 316 luxury apartment rentals, 32 condominiums for sale, 43,000 sf of retail space and parking to accommodate up to nearly 430 vehicles. Designed by SKG Architects, Beatty Harvey Fillat Architects and engineering firm Morris & Ritchie Associates Inc., the waterfront development will feature a façade of varying heights from eight stories to 18 stories, which will present the illusion of a group of several separate structures. "With its vibrant urban setting and terrific site overlooking the harbor, we are confident that Spinnaker Bay at Harbor East will emerge as one of the city's most popular residential addresses," says Tom Bozzuto, president and CEO of The Bozzuto Group.

Spinnaker Bay will join a series of other new developments that have been constructed or will go up in the long-overlooked Inner Harbor East portion of the city. H&S is responsible for several of those projects including the new $132 million 750-room Baltimore Marriott Waterfront Hotel and The Promenade at Inner Harbor East apartment complex. Looking ahead to other developments, a $100 million Four Seasons hotel is planned, as an office structure and a Homewood Suites hotel.