First Residents Expected at Baltimore Peninsula Development in March

| February 15, 2023 | 0 Comments

Last week, the Baltimore Peninsula development team led by MAG MacFarlane (MAG Partners and MacFarlane Partners) announced that leasing has started at two of the under-construction apartment buildings at the development. The mixed-income, luxury residential buildings, 250 Mission and Rye House, will create 416 new apartments in the Port Covington neighborhood. First move-ins are expected in March.

250 Mission is a 162-unit apartment building featuring studio, one-, and two-bedroom residences. The apartments include “hardwood-style flooring throughout, designer kitchens with porcelain backsplashes, quartz countertops, and GE Energy Star stainless steel appliances.” Some apartments include balconies.

Building amenities include a ground-floor lounge, a second-floor co-working space and business center, a clubroom with a bar and lounge, a fitness center, and outdoor cooking and dining areas.

35 of the apartments at 250 Mission are affordable at 80 percent area median income (AMI).

Rye House is a 254-unit apartment building with studio, one-, two-, and three-bedroom units with “designer kitchens, including quartz work surfaces, GE stainless steel appliances and ceramic tile backsplashes.” Some apartment include outdoor balconies.

Amenity spaces include a third-floor clubroom with a private meeting and dining area, as well as a bar, lounge, and billiard room. The rooftop terrace includes seating, grilling, and dining areas, as well as 360-degree views of the waterfront and Baltimore skyline.

Rye House has 45 low-income housing tax credit (LIHTC) units available at 50 percent AMI and nine residences available at 30 percent AMI. These are provided through project-based vouchers at the discretion of the City of Baltimore.

Both of the new buildings are managed by Bozzuto.

A third residential building, 2400 Terrapin Way, is expected to begin leasing later this year. It will have 81 hotel apartments and 40 rental apartments.

Chapter 1B of the Baltimore Peninsula project is currently wrapping up construction on five buildings that will have 440,000 sq. ft. of office; 586,000 sq. ft. of residential from 537 total housing units which break down as 367 market-rate residential dwelling units, 89 affordable dwelling units (ADU), and 81 extended-stay units; 116,000 sq. ft. of retail; more than 1,000 parking spaces; and 10 acres of parks and public space.

Office leases announced are 97,000 sq. ft for CFG Bank at the 2455 House Street office building and a 9,000 sq. ft. office lease for Chambers at the Rye Street Market building. These two leases put the current office space footprint under construction at almost 25 percent leased.

In total, Baltimore Peninsula will be a 235-acre development that will include up to 14 million sq. ft. of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space.

Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) are the owners of the project in partnership with MAG MacFarlane.

“We are proud to bring a new, inclusive approach to residential housing, further demonstrating our commitment to impact at Baltimore Peninsula,” said MaryAnne Gilmartin, founder and CEO of MAG Partners, in a press release. “Welcoming residents to fully amenitized, high-quality homes for the first time in this neighborhood is transformative, and increases the options for quality waterfront living.”

“Bringing full-time residents to Baltimore Peninsula has always been the most exciting element of the masterplan – creating a neighborhood and community from a formerly vacant piece of land,” said Kevin Plank, principal and CEO of Sagamore Ventures, in a press release. “Now, Baltimore Peninsula can welcome residents from across the region to beautiful, waterfront apartments complete with high quality amenities and programming.”

There is currently a flurry of construction in Port Covington. 28 Walker recently started a redevelopment of the 25-acre former Locke Insulators property that will deliver 809 housing units. Under Armour is currently under construction on a 280,000 sq. ft. office, retail, and fitness building and a track and field stadium at its 50-acre property.

2455 House Street and 2400 Terrapin Way

Rye House

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