Orioles Agree to Lease Extension at Oriole Park at Camden Yards

| December 19, 2023 | 0 Comments

The Baltimore Orioles have agreed to a new lease deal at Oriole Park at Camden Yards with the Maryland Stadium Authority (MSA) and the Maryland Board of Public Works. The lease will be for either 30 or 15 years depending on finalized negotiations for a redevelopment plan around the stadium.

From WBAL:

Some of the points agreed to include the Orioles extending the current lease for 30 years. The ballclub has until 2027 to reach an agreement on a redevelopment plan. The state-owned property under consideration is between the B&O Warehouse and Light Rail station and the land in between the Warehouse and museum.

If the redevelopment plan doesn’t get approval during that timeframe, the team has options that include continuing the lease for 30 years, adjusting terms of the lease or opting out after 15 years.

On the condition of signing a long-term lease, the Orioles will not be allowed to relocate under these terms.

Once the deal is finalized and executed, the Maryland Stadium Authority will be able to tap into $600 million in taxpayer-financed bonds for stadium improvements that was authorized this year by the Maryland General Assembly.

The team has not revealed any plans for what a $600-million investment in the stadium would look like. Orioles Chair and Managing Partner John Angelos said earlier this year they “look forward to reimagining Camden Yards to deliver a live, work, play theme that will bring residents, businesses, and tourists to downtown Baltimore year-round.”

A Memorandum of Understanding agreed to in September between the Orioles, Governor Wes Moore, and MSA outlined a potential redevelopment:

The partnership with the State of Maryland includes a 99-year ground lease for select areas around the Ballpark north of Lee Street, including the B&O Warehouse and Camden Station, giving way to more private investment opportunities and spurring economic development. Also included in the deal is the changing of hands for operations and maintenance responsibilities from the MSA to the Orioles Organization.

This aspect of a deal has not been finalized and still remains a negotiation point.

“When we began conversations with the state on a bigger vision for the ballpark and the greater plan for Baltimore, we had the shared goal of reaching an end result that would benefit both the city and state. I’m proud to say we accomplished that mission,” said Greg Bader, chief operating officer of the Baltimore Orioles, in a press release. “Thank you to the team in Governor Wes Moore’s office and the Maryland Stadium Authority for working with us to reimagine this partnership for the next generation. After a lengthy and complex process that has ultimately achieved the parties’ shared goals, we look forward to enhancements to Camden Yards that the Baltimore community can enjoy for decades to come.”

“From the very beginning I was clear that we would only sign an agreement that puts Maryland taxpayers at the top of mind, keeps the Orioles in Baltimore long-term, and benefits the entire City of Baltimore, and that is exactly what we have done here by extending the Orioles stadium lease at Camden Yards for another thirty years,” said Governor Moore in a press release. “The Orioles are a valued part of the Baltimore community, and we are grateful to continue this partnership with a deal that follows the broad shared goals of the memorandum of understanding from earlier this year. This agreement will not only benefit the world-class fan experience at Camden Yards, but the entire city as well, and we are thrilled knowing that Maryland will continue to see playoff baseball in Baltimore for years to come.”

“This agreement ushers in a new era for the Orioles organization, our fans, visitors, and the residents of this incredible city, and does so in a way that will complement the next three decades of Oriole magic,” said Kerry Watson, executive vice president of public affairs of the Baltimore Orioles, in a press release. “What’s next is an opportunity for a campus that brings life to the city 365 days a year.”

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