New homes include market rate and affordable opportunities, with apartments ranging from studio to 3-bedroom apartments across two new luxury offerings in one purpose-driven community
Baltimore, MD (February 9, 2023) – Today the Baltimore Peninsula development team, led by MAG Partners, Macfarlane Partners, and Weller Development Partners celebrated the start of residential leasing at Baltimore Peninsula, the 235-acre mixed-use waterfront neighborhood. The mixed-income luxury residential buildings, 250 Mission and Rye House, will create 416 new homes across the rapidly expanding community. The development team, together with its joint venture partners Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), expects to welcome its first full-time residents in March.
250 Mission is an apartment community featuring studio, 1-, and 2-bedroom residences. The luxury residences include hardwood-style ﬂooring throughout, designer kitchens with porcelain backsplashes, quartz countertops, and GE Energy Star stainless steel appliances. Select residences feature balconies for private outdoor living space. Building amenities include a ground ﬂoor lounge, 2nd ﬂoor co-working space and business center, clubroom complete with a bar and lounge, ﬁtness center and outdoor cooking and dining areas.
Rye House is a waterfront apartment community which features studio, 1, 2 and 3 bedroom rental residences complete with designer kitchens, including quartz work surfaces, GE stainless steel appliances and ceramic tile backsplashes. Designer ﬁnishes are incorporated throughout each residence, with premium lighting, ﬁxtures and ﬁnishes. Several apartments incorporate outdoor balconies. Amenity spaces include a third-ﬂoor clubroom with private meeting and dining area, spacious bar and lounge and a billiard room. The rooftop terrace lounge is made up of seating areas, grilling, dining and 360-degree views of the waterfront and Baltimore skyline.
250 Mission features 162 luxury apartment residences, of which 35 are affordable at 80% area median income (AMI). In addition, Rye House features 254 total units, with 45 low income housing tax credit (LIHTC) units available at 50% AMI and nine residences available at 30% AMI, provided through project-based vouchers at the discretion of the City of Baltimore. As part of its previously stated MOU commitments, the development team remains committed to ensuring 20% of the total Baltimore Peninsula residential offering is affordable housing.
“We are proud to bring a new, inclusive approach to residential housing, further demonstrating our commitment to impact at Baltimore Peninsula,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “Welcoming residents to fully amenitized, high-quality homes for the ﬁrst time in this neighborhood is transformative, and increases the options for quality waterfront living.”
“Inclusivity is the cornerstone of transformative development, which is why we are excited to create new housing opportunities that will support local residents from a diverse range of incomes and backgrounds,” said Victor MacFarlane, Chairman and CEO of MacFarlane Partners. “Baltimore Peninsula is poised to become a thriving, 24-hour neighborhood, as we prepare to welcome our ﬁrst full-time residents.”
“Bringing full-time residents to Baltimore Peninsula has always been the most exciting element of the masterplan – creating a neighborhood and community from a formerly vacant piece of land,” said Kevin Plank, Principal and CEO of Sagamore Ventures. “Now, Baltimore Peninsula can welcome residents from across the region to beautiful, waterfront apartments complete with high quality amenities and programming.”
“Providing high-quality housing opportunities for residents across all income levels is another key milestone in creating an inclusive community. We look forward to the community’s continued growth as we expand options for affordable housing, and we’re excited to begin welcoming residents to Baltimore Peninsula,” said Michael Lohr, ManagingDirector, Goldman Sachs Asset Management.
“This neighborhood was always intended to be for everyone, and the residential unit mix reﬂects that,” said Marc Weller, Founding Partner and President of Weller Development Partners. “The variety and ﬂexibility of the residential offers unique options for any potential resident.”
All 416 new pet friendly apartments offer in-residence full-size washer and dryer, building bike storage, parking and premium lifestyle offerings, such as concierge services, 24-hour maintenance, visitor management system, and keyless Schlage smart lock system. Renderings of residential interiors and amenities can be found here.
Both residences will be managed by Bozzuto. Services include Bozzuto’s “Away From Home”, including plant care, feline care, newspaper delivery and in-home package delivery. In addition, with Bozzuto’s Welcome Home Commitment, every apartment undergoes our meticulous detailing process, guided by a checklist of more than 70 items, to ensure everything has been thoroughly cleaned and carefully inspected ahead of your arrival.
Additional information about Rye House and 250 Mission can be found at liveryehouse.com and live250mission.com, respectively. For more information on Baltimore Peninsula, visit baltimorepeninsula.com or visit on Instagram, Facebook and Twitter.
The start of residential leasing comes on the heels of a string of announcements the development team has made, including welcoming CFG Bank and H. Chambers Company as ofﬁce tenants. A third residential building, 2400 Terrapin Way, is expected to begin leasing later this year. In addition to residential opportunities, the 14-million square-foot neighborhood will create new state-of-the-art ofﬁces and robust retail offerings, 2.5 miles of restored waterfront, and 40 acres of parks and green space. Importantly, Baltimore Peninsula is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce.
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 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 December 31, 2022. Driven by a passion for our clients’ performance, we seek 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 and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.
About the Goldman Sachs Asset Management Urban Investment Group (UIG)
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 7 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 Weller Development Partners
Weller Development Partners is a dynamic and innovative full-service development firm focused on luxury hospitality, residential, experiential placemaking, and large-scale mixed-use projects. Led by Founding Partner and President Marc Weller, our leadership team offers a wide range of expertise and experience to tackle the most complex real estate developments. At the heart of the company ethos is a triple-bottom-line approach to development, designing strategies that are financially viable and provide returns to investors while also providing benefits to the surrounding communities and the environment. With an extensive portfolio of luxury hospitality properties, distinctive mixed-use development projects, and a proven track record of successful and celebrated ventures, Weller Development Partners delivers value and results, no matter the complexity or odds.
About Sagamore Ventures
Sagamore Ventures is a privately-held investment company with diversiﬁed holdings that include commercial real estate, hospitality, food and beverage, and venture capital. The company is based in Baltimore, MD, and serves as the family ofﬁce of Kevin A. Plank, the founder, Executive Chairman, and Brand Chief of Under Armour, Inc. Key investment holdings include Sagamore Spirit and a major equity stake in the Port Covington redevelopment in South Baltimore. The mission of Sagamore Ventures is to execute the initiatives of the Plank Family, support the growth of our investments, and contribute to economic development and opportunity in Baltimore City.
Bozzuto is an experience-focused real estate company distinguished by its innovative developments, dedicated customer service, and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction, and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve. Since its founding in 1988, Bozzuto has developed, acquired, and built more than 50,000 homes and apartments. Celebrating 34 years of creating sanctuary, Bozzuto currently manages 85,000 apartments and 3.2 million square feet of retail space across the U.S. www.bozzuto.com
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