(BALTIMORE – February 7, 2023) – Back on November 15, 2022, it was announced that Port Covington was being renamed:
Today, MAG Partners, MacFarlane Partners, Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) celebrate the unveiling of a new name, brand and vision of Baltimore’s 235-acre mixed-use development, previously called Port Covington.
The change comes as the development’s first phase of vertical construction nears completion, with over 1.1 million square feet of new office, retail, and mixed-income residential opening in 2023, directly adjacent to the already complete Rye Street Tavern and Sagamore Spirit Distillery.
The vision is bolstered by several recently announced initiatives that reinforce Baltimore Peninsula’s commitment to impact for the city of Baltimore, including new community partnerships, grants and the announcement of the neighborhood’s first office tenant.
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.
“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 MaryAnne Gilmartin, Founder and CEO of MAG Partners. “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, Founder and Chairman of MacFarlane Partners. “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. “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, Goldman Sachs Asset Management.
“This announcement is in alignment with our shared vision for Baltimore’s renaissance – a renaissance driven by inclusive economic growth that creates diverse and thriving communities that bridge historically neglected areas of our city,” said Mayor Brandon M. Scott. “On behalf of the City of Baltimore, I want to acknowledge and thank everyone involved including our new partners and our loyal investors for your commitment to moving this vision forward.”
“The ability for these seven communities to benefit from fully committed, ongoing, long-term funding is the type of change we need to see more of here in Baltimore, and in cities across the country,” said Mike Middleton, President & Chair, SB7 Coalition. “The Community Benefits Agreement ensures that, as Baltimore Peninsula transforms into a new home for many, the surrounding communities are lifted up alongside it.”
MAG Partners and MacFarlane Partners have emphasized the importance of community investment and supporting a local ecosystem since joining the development and investment team earlier this year. They have already begun signing commercial leases for the property, including a new agreement for H. Chambers Company, an architecture and interior design firm, to occupy 9,000 square feet of space at Rye Street Market over a 10-year lease. Chambers will relocate to Baltimore Peninsula in March 2023.
Furthermore, as part of the Baltimore Peninsula brand, the team revealed Rye House and 250 Mission, comprising 416 brand-new affordable and market rate residences. Leasing will begin in the first quarter of 2023 and the first residents of Baltimore Peninsula are expected to move in March. The project has 20% affordable housing on site, with 35 affordable units at 250 Mission for households earning 80% AMI and 54 affordable units at Rye House for households earning 50% of AMI. In January the team will launch the final building, 2400 Terrapin Way, which includes 121 residential units, of which 81 are extended stay.
The neighborhood’s new name and branding will be revealed during an evening event that includes city officials, development partners and local stakeholders that have come together to seed this new mixed-use community. Baltimore Peninsula represents a fresh model for urban development – a purpose-driven, sustainable Impact Community powered by diversity and committed to creating opportunities for all.
In honor of the milestone, local Baltimore artist Saba Hamidi created a custom mural, inspired by the waterfront location and mission of Baltimore Peninsula. Her artwork will be showcased across a 40-foot shipping container which will be displayed to the public. The mural design is inspired by the artist’s interpretation of Baltimore Peninsula, and what the neighborhood represents, including themes such as a place for everyone, formed on a solid foundation, rooted in Baltimore Pride, designed to inspire and built for impact.
The development team is also showcasing the new brand on the historic Gould Street Power Plant, visible to the city for five days.
The unveiling of the new name comes on the heels of a string of announcements the development team has made this fall, including the launch of a new partnership with Sweeten to bring transparent, data-driven decision making to the construction industry, resulting in increased participation by local minority and women-owned businesses. To date, Baltimore Peninsula has committed more than $132 million in contracts to Baltimore City-certified MBE/WBE firms, exceeding its initial goals with 35 percent participation for MBEs and 13 percent for WBEs.
Last month, the developer also launched a new partnership with Project JumpStart — a workforce development and job placement program — to implement its 15-week construction training program that will ultimately support the continued construction of Baltimore Peninsula. The partnership, which will support the education of up to 22 students, includes financial support of Project JumpStart by Sagamore Ventures, the privately held investment company of Kevin Plank.
In addition, the development team has announced $2.5 million of macro grants, micro grants, and capacity-building funds alongside the SB7 Coalition, and have supported Baltimore-based Conscious Ventures Partners, alongside lead investor Sagamore Ventures, as they raise a $50 million fund for investment in companies using innovation to create a more equitable society, specifically targeting local MWBEs.
About Baltimore Peninsula
Baltimore Peninsula is a 235-acre redevelopment project located on Baltimore City’s prime waterfront, featuring investments from Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management. As one of the largest urban revitalization efforts in the United States, Baltimore Peninsula will have a fundamental and far-reaching impact on Baltimore’s future. At completion, this transformative project will include: up to 14 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space. The Baltimore Peninsula redevelopment is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce.
About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over seven million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
About MacFarlane Partners
MacFarlane Partners is a real estate investment and development firm that acquires, develops and manages properties on behalf of some of the world’s largest pension plans and institutions as well as for its own account. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor in and developer of properties that promote smart growth, urban revitalization, sustainability and equitable development in urban and high-density suburban areas nationwide. It is headquartered in San Francisco and operates a regional office in Los Angeles.
About the Goldman Sachs Asset Management Urban Investment Group (UIG)
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2022.
Driven by a passion for its clients’ performance, the firm seeks to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $14 billion through real estate projects, social enterprises and lending facilities for small businesses.