When sifting through the 238 proposals from North American cities and regions, Amazon will see two bids from Baltimore that tell very different stories. According to Reuters, 54 states, provinces, districts, and territories applied to host the company’s second headquarters—a fate that would bring 50,000 jobs and tens of billions of dollars worth of investment to the winning bid. 

While the city’s Port Covington proposal comes with plenty of incentives, the Old Goucher neighborhood has also placed its hat in the ring. Located in the center of the city between Remington and Charles Village, the Old Goucher Community Association announced a completely independent bid last week. The proposal, “Center City Baltimore: Amazon’s Next Day One Neighborhood,” stresses the centrality of the area to restaurants, universities, and museums as a selling point.

“If [Amazon’s headquarters] come to Baltimore, I would be happy to have them in Port Covington or in Old Goucher,” said the community association’s president Kelly Cross. “We’ve been overlooked for decades. But when you look at the access that we have, you really can’t compare it to any other part of Baltimore.”

Among the recommended sites in the proposal are the stalled state center complex in West Baltimore and a prison complex on the east side of town. Although the Old Goucher community has major landmarks like MICA, the Baltimore Museum of Art, and the University of Baltimore within walking distance, it’s hard to compete with the South Baltimore Port Covington site that is already slated to receive a $660 million TIF bond to start the project. The site is also expected to profit from more than $700 million in tax breaks.

An article published on Inc. magazine’s website last week said that the Port Covington site would be an ideal fit for Amazon’s HQ2 home. Writer Tom Popomaronis cited the flexibility of the 235-acre mixed-use space at Port Covington as one of the major factors that may sway Amazon’s decision. (That $233 million investment from Goldman Sachs didn’t hurt either.)

“Port Covington is bolted onto an existing city with an incredible, authentic history, deeply rooted in innovation that played a very strong part in American history,” he wrote. “To say that it’s compelling is an understatement.”

Tom Geddes, the CEO of Plank Industries, echoed the sentiment that Baltimore has the best foundation for a company like Amazon to build upon.

“Amazon might take a project in another city from 0-60, but with Baltimore, we expect them to take us from 50-90,” Geddes said in a statement. “We have significant momentum already and know the impact it will have on the city and region—Amazon would obviously be not only a huge accelerant to this, but also a beneficiary of it. You can feel the energy that already exists today which Amazon will inevitably fuel as they look to build their corporate culture on the East Coast.” 

In Maryland overall, other bids were submitted from Prince George’s, Howard, and Montgomery counties. And, while Port Covington certainly has plenty of merits, Cross said we shouldn’t count Old Goucher out just yet. On a recent visit to Google’s headquarters in New York City’s Midtown, he noticed a trend among major corporations that may give his community the extra push it needs for consideration.

“Tech companies are moving to that center city area,” he said. “One of the problems that Baltimore has had is that we haven’t been really focused on putting jobs and capital in the city core where it can really have the massive ripple effect everywhere.”

On Wednesday, Sagamore Development announced that global investment firm Goldman Sachs would commit $233 million to the Port Covington redevelopment. The 235-acre, mixed-use project on Baltimore’s waterfront is a move that Goldman Sachs’ Urban Investment Group (UIG) has been eyeing since 2016.

“This is not only an opportunity to invest in infrastructure and lay down the framework for what will be millions of square feet and dozens of buildings, said managing director for Goldman Sachs UIG Margaret Anadu, “but do so in a way that’s really going to benefit Baltimore residents.”

The $660 million tax increment funding (TIF) that Sagamore received last year from the city is cited as a key factor in the UIG’s decision to invest. Anadu said the TIF signified the project was supported by the city and displayed strong public-private partnerships 

“With the approval of the TIF, that said the city and state were behind this,” she said. “Then you have Sagamore as the quarterback—they are relentless.”

A key factor in the collaboration between the private and public sectors was the Community Benefits Agreement (CBA) signed last year between Sagamore, the city, and SB7—an organization that represents the South Baltimore communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans, Westport, and Port Covington. The agreement ensures that the communities in South Baltimore continue to thrive culturally, economically, educationally, and socially during the 20-year redevelopment process of Port Covington.

The $233 million investment will uphold the promise made in the CBA to invest in infrastructure—roads, utilities, and parks for the community—during all phases of the project. Goldman Sachs said they wouldn’t play a huge role in the planning process beyond the monetary impact.

“We will have a voice in the direction of the project,” Anadu said. “But we will primarily serve as investors, leaving day to day on-the-ground execution to the Sagamore team.”

Plank Industries CEO, Tom Geddes, said the project would bring thousands of new jobs to the city, nearly 1.5 million square feet of office and retail space, a 200-room hotel, and apartments.

Of the 235 acres, a portion will remain untouched during the redevelopment, and that includes Under Armour’s 50-acre headquarters, as well as City Garage, Nick’s Fish House, Sagamore Spirit Distillery, and the newly opened Rye Street Tavern. 

“You won’t see a lot of activity on the site over the next 12-18 months,” Geddes says. “But there will be a tremendous amount of behind-the-scenes work on planning and design going on getting the site shovel ready.”

The prospects of this new investment have Mayor Catherine Pugh optimistic about the new partnership and what it means for the city’s residents. 

“This investment, especially from such a prominent partner as Goldman Sachs, means more jobs, more opportunity and more economic growth for Baltimore City,” she said in a statement. “Investors are seeing what we already know about Baltimore—we’re a city on the rise, and an economic hub with a strong, diverse workforce.”

This move comes as Sagamore is in the process of drafting a proposal to Amazon to move a second headquarters to the Port Covington development. Last week, the online retail giant released a statement requesting bids for the new location by October 19. If selected, it would bring 50,000 new jobs and a $5 billion investment in office space to Baltimore.

“We think Port Covington would be a phenomenal location for Amazon,” Geddes said. “Having the vote of confidence of an institution like Goldman Sachs is nothing but helpful.”

Geddes is hopeful that the new partnership represents progress for Port Covington and delivers on the commitment made to bring outside investments to the city.

“We could not be happier that we have Goldman Sachs as our partner,” Geddes said. “It was important to us to find an equity partner that shared our common vision for urban economic growth, job creation, and local workforce development here in Baltimore City.”