Port Covington Development Rebranded as “Baltimore Peninsula”
Today MAG Partners, MacFarlane Partners, Sagamore Ventures, and the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) rebranded the Port Covington Development as Baltimore Peninsula. The change comes as the 235-acre, mixed-use development is nearing completion on its first major phase, Chapter 1B. This phase of development brings more than 1.1 million sq. ft. of new office, retail, and mixed-income residential to South Baltimore.
In a press release, the development team said:
The name reflects the community’s location along the Middle Branch waterfront, the businesses, nonprofits, and destinations that already exist at the site, and acts as an invitation to organizations, both locally and nationally, to participate. Paired with the new name, the rebrand signifies the future of the project as a vibrant mixed-income residential neighborhood and thriving business district, supported by waterfront events and activities, new restaurants and social destinations that bring opportunity and strengthen the spirit of Baltimore.
Currently under construction in Chapter 1B is:
- Building E1 (Now 250 Mission): 223,000 sq. ft. building (162 residential units (35 affordable units) and 40,000 sq. ft. retail)
- Building E5A: 221,500 sq. ft. building (212,000 sq. ft. office and 9,500 sq. ft. retail)
- Building E5B (Now 2400 Terrapin Way) : 133,000 sq. ft. building (40 residential units, 81 extended-stay units, and 6,000 sq. ft. retail)
- Building E6 (Now Live Rye House): 293,000 sq. ft. building (254 residential units (54 affordable units) and 16,000 sq. ft. retail)
- Building E7, Rye Street Market: 273,000 sq. ft. building (228,000 sq. ft. office and 45,000 sq. ft. market)
At completion, Baltimore Peninsula is planning up to 14 million sq. ft. of mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space.
Baltimore Peninsula is not the only development or property owner in Port Covington. Under Armour is currently building a new campus on a 50-acre parcel; 28 Walker is planning 809 housing units on a 25-acre parcel which was previously Locke Insulators; and the 135,000 sq. ft. City Garage Science & Technology Center is owned by South Duvall. Other parcels include Downtown Dog Resort & Spa, Republic Services, and Carroll Motor Fuels.
Recent news at Baltimore Peninsula include two new leases with Chambers and CFG Bank. These leases put the current office space footprint under construction at almost 25 percent leased. Right to Dream soccer academy is also eying Port Covington as a site for a 10,000-seat stadium and campus for its academy.
MaryAnne Gilmartin, founder and CEO of MAG Partners, told SouthMore.com last month: “We expect to have a number of leases to announce in the coming months as we move closer to construction completion for the first phase of the project.”
The Baltimore Sun will also be leaving its Sun Park building which is 256,033 sq. ft. on 18.9 acres. This property is owned by the Baltimore Peninsula development team and is being “actively marketed to potential tenants,” according to Gilmartin.
“As we move from construction to establishing a dynamic neighborhood that is home to residents, visitors and employees from across the City and beyond we are excited to have the opportunity to better align the name with its bold vision,” said Gilmartin in a press release. “In just a few short months we’ve attracted new businesses like Chambers, aligned with partners like Sweeten and Project JumpStart, and doubled down on our belief in this neighborhood’s ability to play a critical role in Baltimore’s future.”
“I am proud of the momentum we’ve been able to build, and even more proud of how laser-focused this team has been on ensuring the neighborhoods around us continue to reap the benefits of this transformative investment,” said Victor MacFarlane, chairman and CEO of MacFarlane Partners, in a press release. “We will continue to deliver on our commitments to generate long-term positive impact for all of Baltimore.”
“Baltimore is an incredibly special place to me – it is home – and it is rewarding to see the culmination of all the great work that has been done to-date,” said Kevin Plank, principal and CEO of Sagamore Ventures, in a press release. “There is no doubt in my mind that the City will continue to benefit from the momentum and energy that has resulted from the creation of this new waterfront neighborhood. The impact is undeniable.”
“Baltimore Peninsula is among the country’s most ambitious developments, and we are very pleased to move forward on our shared mission to bring new opportunities to the Baltimore community, including the creation of green space, workforce development and access to affordable housing,” said Michael Lohr, managing director of Goldman Sachs Asset Management, in a press release.
In honor of the Baltimore Peninsula name, local Baltimore artist Saba Hamidi created a custom mural “inspired by the waterfront location and mission of Baltimore Peninsula” on a 40-ft. shipping container which will be displayed to the public.
The development team is also showcasing the new brand on the Gould Street Power Plant, visible to the city for five days.
Kevin Plank, MaryAnne Gilmartin, and Victor MacFarlane (photo courtesy of the Baltimore Peninsula development team)
Renderings courtesy of the Baltimore Peninsula development team
(Click to enlarge master plan renderings)
About the Author: Kevin Lynch
Founder and Publisher of SouthBmore.com, longtime resident of South Baltimore, and a graduate of Towson University. Diehard Ravens and O's fan, father of three, amateur pizza chef, skateboarder, and "bar food" foodie. Email me at Kevin@InceptMM.com and follow me on Twitter at @SoBoKevin.
