Future Orioles Owner David Rubenstein Looks to Develop Around Camden Yards

| February 1, 2024 | 0 Comments

David Rubenstein, who will take over as the controlling owner of the Baltimore Orioles upon approval by Major League Baseball (MLB) ownership, is looking to develop areas around Oriole Park at Camden Yards.

In a statement Rubenstein said, “Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”

Rubenstein is co-founder and co-chairman of The Carlyle Group, a private equity company that has invested more than $19 billion in United States real estate.

Rubenstein’s partners include Michael Arougheti, co-founder and chief executive officer of Ares Management, and Mitchell Goldstein and Michael Smith, co-heads of the Ares Credit Group. Ares Management has $48.8 billion of real estate assets under management as of September 30, 2023.

Other partners of Rubenstein include Orioles and MLB Hall of Famer Cal Ripken, Jr., former Baltimore Mayor Kurt Schmoke, National Basketball Association (NBA) Hall of Famer Grant Hill, entrepreneur Mike Bloomberg, and business woman Michele Kang.

The Orioles have a new 15- to 30-year lease at Oriole Park at Camden Yards which unlocks $600 million in taxpayer-financed bonds for stadium improvements. This funding was authorized last year by the Maryland General Assembly.

The Angelos family, who is selling the controlling stake in the team but remains an investor, has expressed an interest in the Orioles redeveloping parking lots and properties around the stadium, but those plans are still under negotiation with a deadline of 2027 to reach an agreement with the State of Maryland.

A Memorandum of Understanding (MOU) agreed to in September between the Orioles, Governor Wes Moore, and Maryland Stadium Authority (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.

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

The Orioles share several parking lots in the Camden Yards Sports Complex with the Baltimore Ravens.

The historic, CSX Transportation-owned Camden Station remains vacant adjacent to the ballpark. It was the former home of Sports Legends Museum and Geppi’s Entertainment Museum.

While Rubenstein is looking to invest in and around the ballpark, he also hopes to take the Orioles to the top of baseball. In a statement he said, “I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support.”

Eutaw St. and the B&O Warehouse

Oriole Park North Parking Lot

Lot A 

Camden Station 

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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.