Tax Break Helps Developers of $97M Project

BALTIMORE-Developers of Spinnaker Bay have been given a big break, a big tax break, that is. According to the Baltimore Development Corp., the Board of Estimates has signed off on a Payment in Lieu of Taxes agreement to help facilitate the mixed-use project, now under way in the city’s Inner Harbor East area. HELP II–a joint venture involving H&S Properties Development Corp., Bozzuto Development Co. and Doracon Contracting president Ronald Lipscomb–is the developer behind the $97-million endeavor and will be on the receiving end of the Pilot deal, which will exempt HELP II from 95% of local incremental real property taxes for a 20-year period.

Spinnaker Bay occupies an entire square block on the waterfront known as Parcel P, which is bound by Lancaster, President, Aliceanna, and Exeter streets. Ultimately, the property will feature 316 rental apartments, 32 for-sale condominiums, nearly 42,500 sf of retail space, and a parking garage capable of accommodating more than 400 vehicles. The various components will be housed in structures ranging from eight to 18 stories high, all architecturally designed to create the illusion of a large compilation of separate structures. “The project’s scope, design and development team are all positives,” BDC president MJ Brodie says.