MAG Partners and MacFarlane Partners joined an expanded development and investment team of a 177-acre master plan at Baltimore Peninsula, a post-industrial waterfront peninsula in South Baltimore. The 1.1 million SF of mixed-use development is currently underway with the sponsorship of Sagamore Ventures, the family office of Under Armour founder and chairman, Kevin Plank, and the Urban Investment Group within Goldman Sachs Asset Management.
The new development team are direct investors in Baltimore Peninsula and will lead future construction phases. Baltimore Peninsula supports the ambition and vision of the South Baltimore project, with an approved master plan calling for more than 14 million square feet of development and 40 acres of publicly accessible open space.
This unique Baltimore development project will deliver an unprecedented set of community benefits, including $21 million already funded to support Baltimore City and South Baltimore communities; $132 million in contracts to Baltimore City-certified MBE/WBE firms; and 537 new residential units, including 35 affordable residences at 80% and 54 residences at 50% AMI.