What Baltimore Peninsula does

Baltimore Peninsula is a master-planned, mixed-use waterfront real estate development in South Baltimore spanning up to 14 million square feet along 2.5 miles of Patapsco River waterfront. Rebranded from Port Covington in November 2022, the project is operated by a development consortium including MAG Partners and Weller Development Company, anchored by Under Armour's global headquarters, and structured as a public/private partnership with Baltimore City under an MOU delivering $135M+ in commitments and a Community Benefits Agreement with six adjacent South Baltimore communities.

The development is composed of Class-A office product (2455 House Street, a 215,761 SF FITWEL-certified trophy building with 33,000 SF floor plates, and Rye Street Market with boutique offices and pre-built suites), mixed-income residential (Rye House, 250 Mission, ROOST Baltimore's 81-unit apartment hotel, and FLOHOM floating accommodations), a curated retail and dining tenant mix (Sagamore Spirit, Nick's Fish House, Rye Street Tavern operated by Clyde's Restaurant Group, CFG Bank, M&T Bank, Ben & Jerry's, Jersey Mike's, Eggspectation, among others), event venues (Vessel, Overlook, Bar V), 40+ acres of parks and greenspace, two marinas, and the Baltimore Peninsula Partnership acting as a Business Improvement District.

Revenue is generated primarily through recurring commercial office, retail, and residential leases, supplemented by hospitality and extended-stay income (ROOST, FLOHOM), event venue rentals, and parking services. The project is also a purpose-driven impact community, with $134M+ in MWBE contracting, at least 51% of new hires being Baltimore City residents, 600 YouthWORKS positions funded since 2017, and at least 20% of new residential units designated affordable. Underlying infrastructure includes neighborhood-wide 5G and fiber connectivity, 24/7 public safety services, FITWEL-certified building stock, and bike-friendly pedestrian infrastructure, positioning the development as both a commercial real estate platform and a civic impact initiative.

Name

Baltimore Peninsula

Website

https://baltimorepeninsula.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Baltimore Peninsula is a master-planned, mixed-use waterfront real estate development in South Baltimore anchored by Under Armour's global headquarters, offering Class-A office, mixed-income residential, retail, hospitality, and event venues across 2.5 miles of Patapsco River waterfront.

Ownership category

akta.pro rank

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Commercial Office Leasing: Baltimore Peninsula generates revenue through leasing Class-A office spaces including full-floor suites at 2455 House Street (215,761 total SF, 33,000 SF floor plates) and boutique office opportunities at Rye Street Market. Spaces range from 1,929 SF pre-built suites to full-floor 2,714 SF configurations.
2. Retail Leasing: The development leases retail space along the waterfront with visibility from 46 million vehicles on I-95, targeting national retailers and local shops. The retail district includes Rye Street Market's ground floor with open-air retail and food offerings.
3. Residential Leasing: Mixed-income residential units including Studio, 1-, 2-, and 3-bedroom apartments at properties such as Rye House, 250 Mission, and ROOST Baltimore (81-unit apartment hotel), with one month free rent promotions on select units.
4. Hospitality and Extended Stay: ROOST Baltimore operates as an 81-unit apartment hotel with waterfront views, pool, fitness center, and 24/7 concierge. FLOHOM offers immersive waterfront hospitality experiences.
5. Events and Programming: Revenue generated through event venues including Vessel, Overlook, Nick's Fish House, Rye Street Tavern, and Bar V for private events, birthdays, corporate gatherings, and weddings. Outdoor event inquiry process for larger gatherings.
6. Parking Services: Neighborhood-wide parking infrastructure including 250 Mission Garage, surface lots, and street parking with validated parking (up to 4 hours free at 250 Mission Garage for Sagamore Spirit events).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Baltimore Peninsula is a mixed-use waterfront real estate development that leases Class-A trophy office space (2455 House Street, Rye Street Market), turn-key pre-built office suites, mixed-income residential apartments, retail storefronts, event venues, and an 81-unit apartment hotel (ROOST Baltimore) along 2.5 miles of Patapsco River waterfront in South Baltimore. The development is anchored by Under Armour's global headquarters and supported by 40+ acres of parks, year-round events programming, 5G/fiber connectivity, and 24/7 public safety services.

Product overview

Baltimore Peninsula is a mixed-use waterfront real estate development spanning up to 14 million square feet in South Baltimore, anchored by Under Armour's global headquarters. The development comprises multiple interconnected products: Class-A office buildings (Rye Street Market, 2455 House Street, Pre-Built Suites) offering commercial workspace; residential properties (ROOST Baltimore apartment hotel, FLOHOM waterfront hospitality, Rye House apartments); retail and dining establishments (Nick's Fish House, Rye Street Tavern, Sagamore Spirit Distillery, Little Wing café); event venues (Vessel, Overlook, Club Volo, Nick's Fish House private dining); parks and recreation (Elijah's Park, The Lawn, The Cove, 40+ acres of greenspace, 2.5 miles of waterfront); and the Baltimore Peninsula Partnership Business Improvement District providing community services. The neighborhood also features marinas (Port Covington Marina, Baltimore Yacht Basin), the UA HOUSE recreation center, and extensive wellness and fitness programming.

Differentiator

Problem solved

Functional benefit

Products and services

• 2455 House Street A 215,761 SF trophy Class-A office building with 33,000 SF virtually column-free floor plates, rooftop terrace with enclosed penthouse suite, open-air courtyard, VIP parking, ground floor retail, fitness center, and locker room. FITWEL-Certified. Targeted at enterprise corporate tenants.
• Rye Street Market The central town square of Baltimore Peninsula featuring boutique office space, pre-built suites, shared rooftop and event spaces, fitness and conference centers, and curated ground floor market with open-air retail and food offerings. FITWEL-certified. Designed by Morris Adjmi Architects.
• Pre-Built Office Suites Turn-key office suites at Rye Street Market ranging from 1,929 to 2,714 square feet, designed by Verve, available with short-term leases and no long-term commitment required.
• ROOST Baltimore An 81-unit apartment hotel on the waterfront featuring floor-to-ceiling windows, private balconies, an open-air pool with cabanas, outdoor fireplace, full-service bar and lounge, 24/7 concierge, and on-site fitness center. Targeted at business travelers, relocating professionals, and vacationers seeking extended-stay accommodations.
• FLOHOM Waterfront Hospitality An immersive waterfront experience for vacationers and staycationers offering elevated hospitality with 360-degree water views, high-speed internet, and modern amenities, operated as a floating accommodation.
• Little Wing A coffee shop and general store on the ground floor of ROOST offering La Colombe coffee, fresh pastries, produce, and locally sourced goods, showcasing Baltimore's artisanal makers.
• Vessel Baltimore Event Venue A venue for hosting events including birthday brunches, anniversary dinners, wedding receptions, and corporate gatherings at Baltimore Peninsula.
• Nick's Fish House A celebrated seafood restaurant known for legendary crabs and crushes, located on the waterfront at Baltimore Peninsula. Also functions as a private event venue.
• Rye Street Tavern A full-service restaurant operated by Clyde's Restaurant Group, featuring waterfront dining and the Overlook event space available for private events.
• Baltimore Peninsula Partnership (BPP) Business Improvement District The Business Improvement District (BPP) dedicated to fostering community growth through programming, maintenance, cleanliness, events, safety, placemaking, and economic development for the Baltimore Peninsula neighborhood.
• Elijah's Park A public park featuring a unique playground with a wooden blue crab climbing structure and slide, designed for children and families as part of the neighborhood's 40+ acres of parks and greenspace.
• UA HOUSE Recreation Center A 30,000 SF recreation center opened in 2016 as part of the Impact Village providing community programming for neighborhood residents and the public.
• 250 Mission Garage Parking Neighborhood parking infrastructure including 250 Mission Garage, surface lots, and street parking with first 2 hours free (vehicle registration required) and a flat $9 evening rate thereafter; Sagamore Spirit validates up to 4 hours free.

Quantifiable outcome

• $135M+ in commitments for Baltimore through MOU with Baltimore City
• +4 more outcomes

Named customers29 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

32 partnerships are on record, tiered flagship, core and minor.

• Under ArmourflagshipStrategic or Co-development PartnerUnder Armour's new global headquarters anchors Baltimore Peninsula, serving as the catalyst for the development. The company brings its workforce to the neighborhood and attracts like-minded innovators and changemakers, creating a hub for creativity and collaboration.
• SB7 Coalition (South Baltimore 7 Coalition)coreStrategic or Co-development PartnerIn 2016, Baltimore Peninsula partnered with the six South Baltimore communities of Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans, and Westport to formally create SB7 Coalition Inc. The coalition advocates for community revitalization, economic development, education, housing, public health, and public safety.
• South Baltimore Gateway PartnershipcoreStrategic or Co-development PartnerPartnered in establishing the Hanover Street Gallery, an outdoor gallery space on the Hanover Street Bridge façade featuring works by 24+ local artists.
• Youth Resiliency InstituteminorStrategic or Co-development PartnerPartnered in the establishment of the Hanover Street Gallery, contributing to youth arts programming in the neighborhood.
• Fusion PartnershipsminorStrategic or Co-development PartnerPartnered in the establishment of the Hanover Street Gallery, supporting community arts initiatives.
• Maryland Department of the EnvironmentcoreStrategic or Co-development PartnerBaltimore Peninsula remediation of its former industrial site is conducted in partnership with the Maryland Department of the Environment as part of the site's environmental cleanup and revitalization.
• Sweeten Enterprise (Sweeten Supplier Diversity Platform)coreStrategic or Co-development PartnerBaltimore Peninsula partnered with Sweeten Enterprise to build an online platform (SSDP) that connects Minority and Women-owned Business Enterprises with developers and prime contractors for major construction projects, bringing transparency and inclusiveness to MWBE participation.
• Reimagine Middle BranchcoreStrategic or Co-development PartnerBaltimore Peninsula participates in the multi-million dollar 11-mile Middle Branch waterfront restoration project along the Patapsco River, connecting shoreline access and enhancing resiliency for the neighborhood and wider South Baltimore.
• Gwynns Falls Trash WheelminorStrategic or Co-development PartnerBaltimore Peninsula cleanup efforts include participation with the Gwynns Falls Trash Wheel for shoreline restoration and trash management along the waterfront.
• Maryland Art PlacecoreStrategic or Co-development PartnerMaryland Art Place inspires, supports, and encourages artistic expression through innovative programming, exhibitions, and educational opportunities. Pieces from 10 local artists are displayed throughout office spaces and residential buildings in Baltimore Peninsula.
• The Last Resort Artist RetreatminorStrategic or Co-development PartnerRye Street Market Arts exhibit was sourced with the support of The Last Resort Artist Retreat, a residency program for Black creatives founded by Derrick Adams, providing artwork sourcing for Baltimore Peninsula's arts programming.
• Ruby's Artist Grants (Robert W. Deutsch Foundation)minorStrategic or Co-development PartnerRuby's Artist Grants, a Robert W. Deutsch Foundation program, partnered in sourcing artwork from Baltimore-area artists for the Rye Street Market Arts exhibit.
• Weller DevelopmentcoreStrategic or Co-development PartnerWeller Development partnered in establishing the Hanover Street Gallery as part of the development team contributing to Baltimore Peninsula's public arts programming.
• Vessel BaltimoreminorStrategic or Co-development PartnerVessel Baltimore is an event venue partner at Baltimore Peninsula, available for hosting private events and celebrations.
• Nick's Fish HousecoreChannel Partner/ Reseller/ DistributorNick's Fish House is a full-service waterfront restaurant and private event venue located in Baltimore Peninsula, drawing visitors and residents to the neighborhood.
• Rye Street Tavern (Clyde's Restaurant Group)coreChannel Partner/ Reseller/ DistributorRye Street Tavern, operated by Clyde's Restaurant Group, is a key dining and event venue in Baltimore Peninsula with the Overlook space available for private events.
• Bar VminorChannel Partner/ Reseller/ DistributorBar V is a restaurant and private event venue partner at Baltimore Peninsula.
• JLL (Jones Lang LaSalle)coreImplementation/ SI/ Consulting PartnerJLL provides property management services for Baltimore Peninsula properties.
• BozzutocoreImplementation/ SI/ Consulting PartnerBozzuto provides property management services for Baltimore Peninsula residential and commercial properties.
• Oasis Marine ManagementminorImplementation/ SI/ Consulting PartnerOasis Marine Management manages marina operations at Baltimore Peninsula including two neighborhood marinas.
• Baltimore City Minority and Women's Business Opportunity Office (MWBOO)coreStrategic or Co-development PartnerBaltimore Peninsula works with MWBOO to post contracting opportunities and ensure compliance with minority and women-owned business participation requirements.
• Mayor's Office of Employment Development (MOED)coreStrategic or Co-development PartnerBaltimore Peninsula works with MOED to support job matching, develop a strong pipeline of local talent, and provide employment opportunities for Baltimore City residents.
• Baltimore City (MOU)flagshipStrategic or Co-development PartnerBaltimore Peninsula entered into a Memorandum of Understanding with the City of Baltimore including approximately $135 million in commitments for the city, covering local hiring, minority and women-owned business participation, and supplier diversity.
• Truist BankcoreGTM or Marketing PartnerTruist Bank presents the Summer at Baltimore Peninsula outdoor movie series, providing sponsorship and brand visibility for community events.
• The FrankminorGTM or Marketing PartnerThe Frank sponsors the Summer at Baltimore Peninsula outdoor movie series alongside Truist Bank.
• Salsa NowminorGTM or Marketing PartnerSalsa Now hosts free Latin dancing lessons and music every Friday on the pier at Port Covington Marina as part of Baltimore Peninsula's weekly Sunset Salsa programming.
• Eastern WatersportsminorGTM or Marketing PartnerEastern Watersports runs the Community Kayak Club at Baltimore Peninsula, offering kayaking experiences launching from The Cove.
• Chesapeake Shakespeare CompanyminorGTM or Marketing PartnerChesapeake Shakespeare Company's Shakespeare Beyond program brings free performances of Romeo & Juliet to parks and public spaces in Baltimore Peninsula.
• Boat BaltimoreminorGTM or Marketing PartnerBoat Baltimore offers sailing and water activities accessible from Baltimore Peninsula's waterfront, enhancing waterfront lifestyle offerings.
• Morris Adjmi ArchitectscoreStrategic or Co-development PartnerMorris Adjmi Architects designed Rye Street Market, creating the central courtyard and boutique office environment that defines the heart of Baltimore Peninsula.
• Verve (Interior Design)minorStrategic or Co-development PartnerVerve designed brand-new pre-built office suites at Baltimore Peninsula, contributing to the creative work environment.
• Baltimore Peninsula Partnership (BPP)flagshipStrategic or Co-development PartnerThe Baltimore Peninsula Partnership (BPP) is the leading organization behind the district's programming, maintenance, and amenities, working closely with property owners, residents, and stakeholders to maintain and enhance the area's vibrancy. BPP provides services beyond what local government can offer including community engagement, infrastructure development, and economic development.

Scale indicators18 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Harbor East (Baltimore): Harbor East is a mixed-use waterfront district in Baltimore's Inner Harbor featuring Class-A office (Legg Mason/BNY Mellon, Morgan Stanley), retail, restaurants, residential, and the Four Seasons hotel. It is the most direct local Baltimore comparable to Baltimore Peninsula's office-retail-residential mix on the waterfront.
• National Harbor (Maryland): National Harbor is a 350-acre mixed-use waterfront development in Prince George's County, MD, with hotels, retail, restaurants, residential, a convention center, and a marina. It is comparable in regional Mid-Atlantic scale, mixed-use program, and waterfront tourism-driven retail mix.
• The Yards (Washington DC): The Yards is a mixed-use waterfront redevelopment along the Anacostia River in DC with Class-A office, residential apartments, retail, restaurants, and a riverside park. Comparable in product mix (office-led, residential, retail, waterfront amenity) and Mid-Atlantic context.
• ROOST Apartment Hotel: ROOST is an extended-stay apartment hotel concept with locations in Philadelphia and Baltimore, offering full apartments with hotel-style services. Baltimore Peninsula operates the ROOST Baltimore property (81 units), making ROOST a direct operating peer for the apartment-hotel component of the development.
• Pier 70 (San Francisco): Pier 70 is a 28-acre waterfront redevelopment in San Francisco combining historic shipyard remediation, office, retail, makers space, and public open space. Comparable as a former industrial waterfront brownfield being redeveloped into a mixed-use district with environmental remediation, public-private partnership dynamics, and a multi-decade build-out.
• Liberty Harbor / Port Imperial (Jersey City, NJ): Port Imperial is a waterfront mixed-use development along the Hudson River in Jersey City and Weehawken featuring residential, office, retail, a ferry terminal, and marinas. Comparable for its multi-phase residential and retail waterfront program, transit-linked location, and marina operations.
• Industry City (Brooklyn): Industry City is a 35-acre mixed-use waterfront complex in Sunset Park, Brooklyn, repurposed from industrial buildings into office, retail, light manufacturing, food, and event space. Comparable as a large-scale urban waterfront redevelopment with curated local retail, office, and event programming.
• The Wharf (Washington DC): The Wharf is a phased, mixed-use waterfront redevelopment along the Washington Channel in SW DC, combining Class-A office, residential, retail, restaurants, hotels, and a marina. It is the closest geographic and product analog to Baltimore Peninsula in terms of scale, waterfront master-planning, and tenant mix.
• The Banks (Cincinnati): The Banks is a mixed-use riverfront district along the Ohio River in Cincinnati with residential, office, retail, restaurants, and a hotel. Comparable as a phased public-private waterfront mixed-use development with a dedicated partnership entity coordinating programming, maintenance, and amenities.

Broad incumbents

• Howard Hughes Holdings: Howard Hughes Holdings is a large publicly-traded master-planned community and mixed-use developer operating The Woodlands, Summerlin, Ward Village, and Downtown Columbia. Comparable as a scaled, publicly-disclosed mixed-use master developer, though broader in scope and more geographically diversified than Baltimore Peninsula.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/baltimorepeninsula
• Xx.com/port_covington

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baltimore Peninsula