The 235-acre mixed-use development, formerly known as Port Covington, now includes five new lease-ready buildings. Investors and developers are working to make the project, totaling more than 1 million square feet, an icon of a rising and inclusive Baltimore.
Along with this goal, those who came to Rye Street Tavern on Tuesday night he persevered through the rush to enjoy cocktails, hors d’oeuvres, club music and dignitary appearances.
The mood of the meeting was upbeat, as was the momentum the project is gaining under its new name. This was in contrast to the public controversy, turnover and delays the project had endured since its initial proposal in 2016.
MAG partners is a major partner on the Baltimore peninsula. Your Vice President of Leasing, scooter monroeHe said the new space can meet the needs of multiple tenants, from 2,000 square feet of boutique space to 100,000 square feet of commercial infrastructure, for a larger footprint.
“We’ve been talking to financial institutions, technology companies: We have spaces of different sizes for all types of tenants,” he said. “It all depends on the market. We are dividing up some of our floors to turn them into small suites dedicated to small tenants, but if someone wants to take an entire floor, or an entire building, we can do that too.”
The other major partners of the Baltimore Peninsula include MacFarlane Partners, sagamore companies and the Urban Investment Group within Goldman Sachs. The development of South Baltimore had initially grown out of the work of Baltimore’s homegrown billionaire kevin plankCEO of under armor and CEO of Sagamore Ventures.
plank had took advantage of federal tax breaks made possible by the Trump administration for low-income urban areas. Development on the Baltimore Peninsula sits on land that was largely considered undeveloped, and many other areas of the city are more populated and have fewer resources. But Baltimore City Hall approved a $660 million tax increment financing agreement to help with the project in 2016.
Plank and the other developers are also working with Jones Lang LaSalle (JLL)), a global commercial real estate services company headquartered in Chicago. Monroe said the partners are currently working with two potential tenants, each of whom has expressed interest in 100,000 square feet of space on the Baltimore peninsula.
In addition, the architecture and interior design studio Camera Company H. signed on to occupy 9,000 square feet of space for a 10-year lease. It will move to the Baltimore Peninsula in March 2023.
But the Baltimore Peninsula is designed as more than just a shopping destination. 416 residential apartment units are expected to become available at two of the residential facilities (called rye house Y 250 mission) in the first quarter of 2023, with the first tenants arriving in March. About 21% percent of the units will go into affordable housing; 35 units at one facility and 54 units at the other will go to households earning 80% and 50% of median family income, respectively. The last of these residential buildings, 2400 Turtle TrailIt is expected to launch in January and include 120 units, 81 of which are extended-stay.
smooth rumdean of the University of Baltimore The law’s schoolHe called the project a “very important development for the city.”
“Baltimore is on the brink of great things and this is right in the middle of it all,” he said. “People should move here from Washington DC, Philadelphia. We want to grow. We need more population. I just think you’ll see all kinds of activity here that will be really engaging.”
Another legal professional present was jon lariathe managing partner of Ballard Spahr’Baltimore office. He said the national law firm has been handling much of the legal needs of Baltimore developers from the very beginning.
“I don’t think anybody has ever done something that big in Baltimore,” he said. “I think the integration of the project team and the surrounding community with this huge investment is really unprecedented.”
The branding of the event suggested that the project partners are working to make community inclusion, at least in part, a focus of the Baltimore Peninsula.
Students of The Carroll School of Dancee in northeast Baltimore performed for those assembled. A DJ immersed the space in uptempo club music.
nate alstonan accountant in PricewaterhouseCoopersspoke at the event on behalf of the CollegeBound Foundation scholarship program. The foundation helps Baltimore City Public Schools students pay for college, and its board is made up mostly of people who work in the investment and education sectors.
“Getting these College Bound scholarships allowed me to go to school,” she said. “I basically came back to tell a little bit about my story.”
The accountant said he saw an opportunity for Baltimoreans with the opening of the Baltimore Peninsula.
“I feel like it’s definitely inclusive,” she said. “I don’t have any worries about [nearby] neighborhoods I just hope it brings more job offers to the neighborhoods, so they can work in some of the buildings. We really hope it’s low income and affordable for everyone to live here. It definitely looks like a small town.”
Laria also suggested that the project will have a positive impact, without displacement, on the local landscape.
“There was nothing here,” he said. “We took this land that had nothing. There is no displacement at all, no gentrification.”
The Baltimore Peninsula partners said in a statement that they have committed more than $132 million in contracts with city-certified companies called Minority Business Enterprise (MBE) and Women’s Business Enterprise. According to the investment company, that exceeds the initial goals of 35% participation for MBE and 13% for WBE. The developers also partnered with Sweeten on a Diversity Mindset Vendor Dashboard.
A smaller initiative, JumpStart Project, was created with support from Sagamore Ventures to fund on-the-job education for 22 Baltimore students. The investment firm and its partners are also seeking $50 million to help minority- and women-owned innovation companies that want to create a more equitable society.
Much of the future of the Baltimore peninsula may depend on its investors’ ability to attract tenants. Five buildings are built and available, with plenty of room to grow. Its location, facing the sea and next to the main roads, is also significant.
The city, as well as the investment community at large, has poured sweat and hard coin into the project for more than a decade. Now, it’s time for those who invested the most in the project to make their dream a profitable reality and perhaps create new opportunities for the community.
Several of those gathered for the celebration finally anticipate happier horizons for the city.
“It’s very, very exciting stuff, so people should come see it for themselves,” Laria said, “It’s great. It’s great to see the buildings here.”