Armada Hoffler Properties, Inc. (NYSE: AHH), today announced that Harbor Point developer Beatty Development Group, LLC entered into a contract with Armada Hoffler Construction Company, a division of Armada Hoffler Properties, to commence construction of an approximately 900,000 square foot mixed-use tower in Baltimore, Maryland. This contract is the culmination of a two-year pre-development effort, subsequent to the award of the project.
The Harbor Point project will be a 20-story mixed-use development located on Baltimore’s waterfront adjacent to Harbor East. The project will include office, garage, residential apartment and retail components and is one of the last major development sites on Baltimore’s Inner Harbor. The building will become headquarters to Exelon’s Constellation business unit. Based in Chicago, Exelon is the nation’s leading competitive energy provider.
Construction is expected to start in the spring of 2014 with completion in the spring of 2016. In total, the construction contract is valued at $165 million.
Armada Hoffler Construction Company and Beatty Development Group have an established history of working with Baltimore City women- and minority-owned businesses. For Harbor Point, the firms are working in partnership to advance participation of city-certified minority- and women-owned business enterprises that will bring their experience and expertise to this transformational project.
Armada Hoffler Construction Company provides general contracting services to third-party clients and has operated continuously in the Baltimore Inner Harbor since 1993, constructing over $1 billion in projects. Signature properties previously constructed at the Inner Harbor by Armada Hoffler Construction Company include the Four Seasons Hotel, Baltimore Marriott Waterfront Hotel and Conference Center, Legg Mason Global Headquarters and Spinnaker Bay luxury apartments.
“The reputation and experience that we’ve earned in Baltimore’s Inner Harbor over the last two decades led to this important win,” said Eric Apperson, President of Armada Hoffler Construction Company. “We are excited to be a part of the Harbor Point project and the continued development of Baltimore’s Inner Harbor.”