Blue Ocean is pleased to announce that Aviation Station has been awarded the highest allocation of state historic tax credits available. In a recent press release, Governor Larry Hogan announced that the Maryland Historical Trust (MHT), a division of the Maryland Department of Planning (Planning), awarded eight projects more than $9 million in tax credits – leveraging more than $180 million in additional investment.
Of the $9 million available to the entire State of Maryland, and the 18 projects that applied for funding, Blue Ocean’s Aviation Station was awarded 33.3% of the entire allocation. With this funding now secured, Blue Ocean will pursue additional tax credits on the federal level in its upcoming application. With these crucial tax credits in place, Aviation Station will be well positioned to advance and accelerate the redevelopment of the iconic property. Construction is planned to begin in Q1/Q2 2020.