Managing Principal at The Sinreich Group ? Legal Leasing Services for Landlords and Tenants
Check out my recent blog post “Baltimore Peninsula: A Transformative Development” at https://lnkd.in/g6EbhMr9 where I share the story of my recent tour of Baltimore Peninsula with members of its development team. An excerpt is included here: A 235-acre redevelopment project, Baltimore Peninsula is transforming a former industrial area that was known as Port Covington, into a vibrant, live-work-play community and destination. In addition to creating a once-in-a-lifetime project with enormous potential for the private sector, the developers of Baltimore Peninsula are committed to uplifting the surrounding South Baltimore neighborhoods and the city as a whole. Kevin Plank, the Founder and CEO of Under Armour and a native of Baltimore, is accustomed to prevailing against great odds. He dreamt of creating a powerhouse sports-related apparel brand from scratch, of uplifting a hometown plagued by poverty and decades of underinvestment, and of transforming what some would say was a decrepit industrial eye-sore into an economic engine that could improve the lives of the residents of some of the most underserved areas of Baltimore. Plank’s success in creating Under Armour is well known, but the value creation that has materialized as a result of his unwavering commitment to Baltimore Peninsula is not yet common knowledge. As a real estate attorney who eats, sleeps, and breathes the inherent potential of every real estate transaction, I marveled at Baltimore Peninsula, and felt compelled to learn more. The following is the story of how Baltimore Peninsula was launched. The transformation of Port Covington began in 2012 when Kevin Plank started buying property there. At the time, according to Baltimore Brew, Port Covington was the site of a printing plant, a vacant Sam’s Club, and lots of cheap property. In 2016, Plank was able to secure $660M in public financing to help him reinvent Port Covington into a world-class waterfront community anchored by a multi-million SF Under Armour campus. In exchange, Plank agreed to fund a public/private partnership to support the surrounding underserved South Baltimore communities by providing amenities, facilities, workforce training, and small business loans. The next five years were characterized by setbacks, turmoil, and challenges for both Under Armour and the project that would come to be known as Baltimore Peninsula. A new development team — MAG Partners LP, MacFarlane Partners, Plank’s Sagamore Ventures, and Goldman Sachs Urban Investment Group — coalesced in early 2022. In November of that year, Port Covington was relegated to the dustbin of history, as online media outlet Technically announced: “Port Covington is no more. Meet Baltimore Peninsula.” Read about what happened next at https://lnkd.in/g6EbhMr9 Photo: Courtesy of Baltimore Peninsula
This looks like a fascinating story! Great reporting!
Director of Business Development @ YourOffice | Real Estate Investment Strategist
1 个月Ellen Sinreich This is an interesting one. Being from Baltimore and working in the commercial real estate market I see so many problems and issues with Baltimore Peninsula project. From affordability to no connection with the City of Baltimore and the creative financing package at the expense of the folks in Baltimore and the State of Maryland. How ironic that there is a project in Baltimore that is in direct competition in Baltimore but yet because of the TIF financing, there are zero tax revenues being created from the project. World class? At what level? And at who's expense? Who suffers the most from this project? Yep, you guessed it - the City Of Baltimore! I understand the opportunity and the basis for the project but many aspects were not thought out at all.