Slide 1: Marc Weller, Slide 2: Steve Siegel
Marc Weller and Steve Siegel
Transforming Cities Through Development
In 2012, Marc Weller and Steve Siegel, now Partners of Weller Development Company, embarked on a journey to undertake one of the largest urban revitalization projects in the nation—the sprawling 235-acre Port Covington site, with up to 18-million square feet of mixed-use development in South Baltimore. Pursuing this ambitious development project was driven by the fundamental principle that has guided them for more than two decades—to develop a financially viable real estate development while elevating the surrounding communities and providing a positive social impact for the betterment of the entire city and its residents.
It is this same human-centric, double bottom-line approach that drove them to develop and transform a dilapidated commercial pier in Fells Point, Baltimore, into the 128-key luxury landmark that is the Sagamore Pendry Baltimore Hotel—awarded #1 Hotel in the U.S. in 2018 by Condé Nast Readers’ Choice—adding a celebrated landmark in the historic Fells Point neighborhood and creating hundreds of jobs. Those same development principles led them to build a number of projects in Port Covington, including the award-winning, state-of-the-art Sagamore Spirit Distillery, the Rye Street Tavern restaurant, and the City Garage technology and innovation incubator—clustering innovators and creating jobs where there were few previously, and imbuing a swelling sense of community pride and restoring vibrancy in an underutilized area of Baltimore’s waterfront.
Now, under the largest community benefits package in Baltimore history, including more than $100 million in commitments, Port Covington holds the promise of changing the lives of residents across the entire city. With current businesses such as the Sagamore Spirit Distillery and Rye Street Tavern, City Garage, Nicks Fish House seafood restaurant, and the Baltimore Sun headquarters, this transformational endeavor will include tens of thousands of jobs, new opportunities for all city residents, affordable housing, workforce development initiatives, and 40 acres of parks and green space for everyone to enjoy.
“We wanted Port Covington to serve as the rising tide to lift all boats—far beyond its boundaries,” Steve Siegel shares.
Marc Weller further explains, “We think about how Port Covington can serve as a catalyst to improve the lives of people in Baltimore, with our main focus on the six adjacent communities. We wanted to create something bigger that could really help them. We formed real partnerships with the community to find out what they needed and put together a project that will uplift people in these neighborhoods and the entire city of Baltimore.”
Above and beyond the commitment to community, the goal of the Port Covington project is to build an urban waterfront neighborhood with a vibrant mix of uses, including residences, housing, shops and restaurants, extended stay, public spaces, marinas, and more. The offices are designed to create a thriving ecosystem of technology companies, entrepreneurs, innovators, and venture capital—to make connections, catalyze growth and create new opportunities. Utilizing the region’s already rich talent pool that can compete on a national level, Port Covington is designed to help companies attract and retain talent and grow.
Weller Development Company has projects completed or underway in Maryland, Washington, D.C., and Virginia, and actively seeks opportunities to expand. The full-service real estate development firm specializes in waterfront development, complex financing deals, generating community and economic impact, property management, place-making, and activations.
Marc Weller, President and Founding Partner
Marc Weller has over 25 years of experience developing and building residential, commercial, and mixed-use real estate development projects. Prior to founding Weller Development Company, Marc and Under Armour founder, CEO, and chairman, Kevin Plank, founded Sagamore Development Company. Prior to Sagamore Development and Weller Development, Marc owned and operated Denning, LLC, a mixed-use development enterprise constructing market-rate and affordable residential units in urban, mixed-use development projects. As founding partner and president, Marc developed housing units in the Washington, D.C., metropolitan area with partners including JBG Companies, Lowe Enterprises, Perry Real Estate Capital, NFAHS, Urban Matters, and the District of Columbia. Prior to founding Denning, LLC, Marc founded and operated Ellis Denning Construction and Development, a full-service development and construction company specializing in multi-family and mixed-used projects. There, he developed and constructed thousands of residential units in Washington, D.C., and surrounding suburbs, as well as a variety of mixed-use projects.
Steve Siegel, Partner
Steve Siegel has been a partner at Weller Development Company since its inception. He oversees development, master planning, leasing, finance, and new business development, among other essential functions. Steve led the negotiation and structuring of Goldman Sachs’s $233 million equity investment in Port Covington as well as the $660 million Tax Increment Financing investment by the city.
Steve has over 25 years of development, finance, and public policy experience with expertise in executing public-private development transactions. Prior to joining Weller Development, Steve served as executive vice president at Sagamore Development Company. In this capacity, Steve led the transaction, legislative and public relations efforts related to the development of the 128-key luxury Sagamore Pendry Hotel and assembled and led the Port Covington project team by overseeing the master planning and entitlements, public and private financing, strategic planning, and policy and lobbying teams.
Previously, Steve was founder and president of Davey Street Partners, a real estate development and advisory firm focused on public-private projects in the Washington, D.C., metropolitan area. In 2007, Steve was appointed by Mayor Adrian M. Fenty to serve the District of Columbia government in the Executive Office of the Mayor. As director of development in the Office of the Deputy Mayor for Planning and Economic Development, he managed the city’s $13 billion public-private real estate and economic development portfolio. He also served as vice president of acquisitions for a mid-Atlantic multi-family developer, where he led the pursuit, acquisition, financing, and development of over 1,000 multi-family residential market rate units.
About Weller Development
Weller Development Company is a full-service real estate company with expertise in large scale mixed-use projects, infrastructure, placemaking, brand development, technology and innovation, acquisitions, development, leasing, construction management, and property management.
Marc Weller, President & Founding Partner
Steve Siegel, Partner
Weller Development Company
LinkedIn: Weller Development Company