Baltimore’s ambitious waterfront project, Baltimore Peninsula, is parting ways with its lead developer, New York-based MAG Partners. The ownership group, led by Under Armour CEO Kevin Plank’s development firm and Goldman Sachs, decided not to renew MAG’s contract due to underwhelming leasing results. Despite completing phase one and rebranding the area as a mini-Dubai-like city, much of the office and retail space remains unoccupied.
The project has received various state and federal tax incentives, totaling $658.6 million in bonds, but its progress is far from the original vision. Under Armour recently opened its new headquarters at Baltimore Peninsula, but it’s significantly smaller than initially planned. MAG Partners’ departure raises questions about the next phase of development.
Source: https://www.thebanner.com/economy/mag-partners-plank-baltimore-peninsula-VMR3VIL3MBE3BCIGSFZ2RHBCMA