Baltimore Peninsula begins leasing apartments
Developers have completed two of the first five buildings in the mixed-use project
Apartments at Baltimore Peninsula, the once-industrial South Baltimore waterfront that is being redeveloped, are now available to be leased, developers said Thursday.
Leasing has started for 416 units in two mixed-income residential buildings, 250 Mission and Rye House. The first residents are expected to move in next month, said developers led by MAG Partners and MacFarlane Partners. Those firms, which joined the project last year, are working with joint venture partners Sagamore Ventures, the investment firm owned by Under Armour founder Kevin Plank, and Goldman Sachs.
Plank, Sagamore’s principal and CEO, called the residential component of the 235-acre project south of Interstate 95 “the most exciting element of the master plan — creating a neighborhood and community from a formerly vacant piece of land.”
The project, formerly called Port Covington, was renamed in November as part of a rebranding. The apartments are among the first five buildings, which also include two office buildings with tenants that include CFG Bank and H. Chambers Co. and a third residential building, 2400 Terrapin Way, a 121-unit building with an extended-stay hotel that’s expected to start leasing later this year.
The 1.1 million square feet of offices, apartments, a hotel, retail space and parks is the $500 million first phase of a project planned to grow to as much as 14 million square feet.
250 Mission offers studio and one- and two-bedroom apartments, with monthly rents ranging from $1,840 to $3,465, while Rye House offers studios and apartments with one to two bedrooms, with monthly rents ranging from $1,830 to $3,670, according to the buildings’ websites. Rye House also has three-bedroom apartments starting at $4,740 a month, developers said.
Both offer features such as hardwood-style flooring, designer kitchens and balconies. 250 Mission has a ground-floor lounge, coworking space and business center, fitness center, clubroom, and outdoor cooking and dining area. Rye House features a third-floor clubroom with private meeting and dining area, a bar and lounge, a billiard room and a rooftop terrace lounge.
Developers had agreed in a memorandum of understanding with the city to ensure that 20% of apartments would be affordable.
The residential towers offer affordable units, including 35 at 250 Mission that are available to renters earning 80% of area median income. At Rye House, 45 low-income housing tax credit units are available to renters earning 50% of area median income, while nine are available to those earning 30% of area median income. Those nine will be provided by the city through project-based vouchers.
“Inclusivity is the cornerstone of transformative development,” with housing designed for “residents from a diverse range of incomes and backgrounds,” said Victor MacFarlane, chairman and CEO of MacFarlane
Partners, in Thursday’s announcement.
Early on in its planning, the project sparked controversy when Sagamore sought and the City Council approved a record-breaking $660 million in tax increment financing bonds to help support the development, which has changed focus over time. The new buildings have sprouted alongside Sagamore’s earlier developments, Sagamore Spirit Distillery and Rye Street Tavern. Under Armour is separately building a new global headquarters in the neighborhood on waterfront property it owns.
All apartments are pet-friendly with amenities such as bike storage, parking and concierge services. Both residences will be managed by Bozzuto, a residential developer and apartment manager.