Weller Development announces the receipt of the Certificates of Occupancy for the last of five buildings at Baltimore Peninsula totaling more than 1.5 million square feet of new construction. This marks the culmination of more than ten years of hard work and complex problem solving. This transformative development was made possible by an outstanding team of partners, and the successful completion of these buildings is a testament to the commitment, determination, and expertise of the Weller team and all the partners involved.
Other recent milestones for the project include:
- The Baltimore Peninsula development has generated thousands of jobs and tens of millions of dollars directly to the surrounding communities.
- In total, more than $130 million will be funded to the City throughout the life of the project.
- More than $125 million in contracts have been awarded and paid to Baltimore City certified MBE/WBE firms.
- Secured $660 million in tax increment financing (TIF) in September 2016 to fund all of the roads, sewers, and public infrastructure to support the new development
- Created development plan for up to 18 million square feet of new development
- Received matter of right zoning across the site in December 2016
- Vertical construction began in January 2021, during the Covid-19 global pandemic.
- Designed and executed infrastructure for an annex to Baltimore City while simultaneously constructing 5 buildings
- Received Certificates of Occupancy for all five vertical development projects totaling over 1.5 million square feet in April 2023
- Established a new waterfront neighborhood in South Baltimore where there was previously an abandoned, contaminated wasteland
Marc Weller, Founding Partner of Weller Development, recently invited Greg Hermandorfer, Vice President of Construction for Weller Development and construction lead in Baltimore Peninsula, to the Weller Development podcast, From the Ground Up with Marc Weller. During the podcast, the team discussed the recent milestone of receiving the Certificates of Occupancy, and the overall success surrounding the development.
During a milestone of this significance, it is only fitting to reflect on the work that was completed to get to this moment. After securing one of the largest Tax Increment Financing (TIF) deals in the United States in 2016, the Weller team secured the private financing required to fund the project. The closing of the Port Covington deal occurred in December 2020, the management of the construction commenced shortly thereafter in January 2021, and much of the construction work was completed during the COVID-19 global pandemic — when many other projects were forced to stall or fail altogether. The timing of the project relative to the pandemic presented numerous unforeseen challenges, but the Weller team didn’t let these hurdles get in the way of accomplishing their goals. Marc Weller praised the team for their unwavering commitment and resilience in delivering exceptional work during some of the most challenging years. “This is a team sport and a team game,” Weller said. “We have some of the most unbelievably dedicated, passionate and talented people as part of our team, and it really shows when you’re able to complete developments of this magnitude, especially during a global pandemic and the most extraordinary inflationary environment in modern history.”
From the cost of wood being at an all-time high and continuing to climb during critical construction progress, to the availability of equipment and fixtures – the Weller team felt the impact of supply chain issues, but they developed creative ways to problem solve around these challenges. The team stayed focused and determined and worked cohesively together to get the job done – while keeping the project on time and on budget during its management. The Certificates of Occupancy are a huge milestone of success for Weller personally and the entire team who worked on the development. Tenants have already begun occupying the buildings and the monumental efforts of the past decade have come to fruition.
A Closer Look at Baltimore Peninsula, Formerly Known as Port Covington
The Weller Development construction team were integral to the successful delivery of Baltimore Peninsula. When both the development and construction teams were deciding which companies they would partner with on the construction, they were looking for people, partners and firms who were hungry and smart, and ultimately the wider construction team was assembled. For Weller Development, the Certificates of Occupancy are a momentous occasion and significant milestone among many other major accomplishments. Recent studies suggest that the majority of mega projects of this scale fail on budget, schedule or benefits that they are supposed to deliver, but the Baltimore Peninsula development remained under budget, on schedule for all the infrastructure, and the team has delivered all the required benefits to the community. Residents and office tenants are starting to move in, but final finishing touches at Baltimore Peninsula will be completed in the fall of 2023.
A Proven Track Record for Success that Doesn’t Stop in Baltimore
The Weller team has a proven track record of success that reaches outside of Baltimore Peninsula. In 2017, they developed, constructed, and opened the Sagamore Pendry (the #1 ranked hotel in the United States, Conde’ Nast Readers’ Choice in 2018). That project was an intricate and complex historic renovation over the water that helped transform Fells Point in Baltimore.
Weller Development Partners is excited to continue growing and focusing on new markets and opportunities. The company has already kicked off a number of new projects focused on luxury hospitality and branded residential with Six Senses Grand Bahama and Six Senses Napa. Be on the lookout for upcoming announcements of additional, transformational developments in the pipeline.
Weller leadership attempts to learn valuable lessons from every experience along the way and apply them to the future direction of the company. Marc Weller stated, “This has been a wild ride and I’m just so thankful I’ve been able to work with such great people. It’s made all the sleepless nights and crazy times worthwhile… and frankly we couldn’t have done it without all of our partners. Everyone on the team played such an integral part in this being a success, and we are so excited for our continued growth!”