Baltimore, December 18, 2025
Bank OZK has acquired the undeveloped land of the Baltimore Peninsula project, marking a pivotal shift in ownership following the expiration of a significant loan. With developers Sagamore Ventures and Goldman Sachs retaining control of the completed properties, the transition is expected to foster renewed growth and innovation in this ambitious 235-acre redevelopment project. The appointment of Hines as the new asset manager aims to streamline operations and enhance the development’s potential.
Baltimore, Maryland – December 18, 2025
Bank OZK Takes Ownership of Baltimore Peninsula’s Undeveloped Land
Funding and management changes herald new chapter for the Baltimore Peninsula project
In a significant move reflecting the dynamic landscape of Baltimore’s economic development, Bank OZK has now assumed ownership of the undeveloped land within the ambitious Baltimore Peninsula project. This comes after a loan of $66 million, made to the developers Sagamore Ventures and Goldman Sachs, expired without extension. The shift in ownership provides an opportunity to reshape the future of this expansive 235-acre project that aims to redefine the area.
Sagamore Ventures, founded by Under Armour’s Kevin Plank, and Goldman Sachs retain ownership of the 1.1 million square feet of mixed-use development already completed. The sustained commitment to real estate investment underscores the entrepreneurial spirit that characterizes Baltimore’s business community. While the challenges faced along the way illustrate the complexities of large-scale urban projects, they also highlight the resilience of local stakeholders.
Ownership Transition and Management Changes
The transition to Bank OZK marks a pivotal moment for the Baltimore Peninsula initiative. With a notable portfolio in real estate finance, Bank OZK’s involvement promises to inject fresh perspectives into the development of the site. Meanwhile, Hines, a global real estate investor, has been appointed as the new asset manager for the completed properties, taking over from a previous management joint venture. This change aims to streamline operations and catalyze further investment in the area.
Remaining Committed to Local Development
While the undeveloped land now belongs to Bank OZK, the retention of the developed properties by Sagamore Ventures and Goldman Sachs could signal a strategic approach towards controlled growth. The focus on ongoing discussions regarding future development illustrates a commitment to crafting a mixed-use community that serves both residential and commercial needs. The involvement of experienced partners like Sagamore Ventures suggests that there’s potential for renewed momentum in creating a thriving urban environment.
Challenges and Resilience in Urban Redevelopment
The Baltimore Peninsula project, formerly known as Port Covington, has not been without its hurdles. Financial difficulties and structural changes within the development team have triggered various adjustments in ownership and management. However, the adaptability of the key players involved demonstrates a commitment to revitalizing Baltimore’s urban landscape. Maintaining the balance between public expectations and private investment remains a crucial aspect of making this ambitious endeavor a success.
Looking Ahead: Future Development Plans
Future development endeavors for the Baltimore Peninsula remain under discussion. While definitive plans are yet to be articulated, the stage is set for innovative concepts that may emerge from the collaboration among stakeholders, including the potential re-engagement of Sagamore Ventures. Such partnerships can serve as a catalyst for sustainable urban growth, enhancing community engagement, and providing essential services to residents and businesses alike.
Conclusion
The recent transfer of ownership in the Baltimore Peninsula project emphasizes the resilience and innovation at the heart of Baltimore’s economic landscape. By investing in this evolving site and fostering a collaborative environment, local entrepreneurs and investors have the potential to create a renewed sense of vitality in Baltimore. Residents and stakeholders are encouraged to remain engaged with the progress of this transformative project, which promises to yield benefits for the Baltimore economy and community well into the future.
Frequently Asked Questions (FAQ):
What is the Baltimore Peninsula project?
The Baltimore Peninsula project is a 235-acre redevelopment initiative in south Baltimore, aiming to transform the waterfront area into a mixed-use community with residential, commercial, and recreational spaces.
Who are the current owners of the Baltimore Peninsula project?
Sagamore Ventures and Goldman Sachs were the previous owners. However, they have transferred ownership of the undeveloped portion to Bank OZK, while retaining ownership of the developed properties.
What is the role of Hines in the Baltimore Peninsula project?
Hines has been appointed as the new asset manager for the developed properties of the Baltimore Peninsula project.
What is the future of the undeveloped land at Baltimore Peninsula?
Discussions are ongoing regarding the future development of the undeveloped land, with potential involvement from Sagamore Ventures. However, no specific plans have been announced yet.
What challenges has the Baltimore Peninsula project faced?
The project has faced challenges, including financial difficulties, changes in the development team, and the expiration of loans, leading to the transfer of ownership of the undeveloped land to Bank OZK.
Key Features of the Baltimore Peninsula Project:
| Feature | Description |
|---|---|
| Location | South Baltimore waterfront |
| Size | 235 acres |
| Development Status | 1.1 million square feet of mixed-use development completed; undeveloped land transferred to Bank OZK |
| New Asset Manager | Hines |
| Future Development | Ongoing discussions; no specific plans announced |
Deeper Dive: News & Info About This Topic
HERE Resources
Northrop Grumman Sponsors SAIL250 Maryland & Air Show Baltimore
Baltimore Business Landscape: Growth Amid Leadership Changes
Landmark Downtown Tower Seeks Receivership Amid Value Drop
Baltimore’s Development Center Faces Challenges Amid Changes
Atlantic Union Bank Expands Presence in Baltimore
15 Baltimore-Area Holiday Parades to Celebrate This Season
Maryland Pauses Data Center Permits Over Concerns
Clifford Construction Expands into Commercial Projects in Kannapolis
Baltimore Ravens Waive Safety Reuben Lowery After Tough Debut
Tragic Death of Foster Child Sparks Legislative Action in Maryland
Author: STAFF HERE BALTIMORE WRITER
The BALTIMORE STAFF WRITER represents the experienced team at HEREBaltimore.com, your go-to source for actionable local news and information in Baltimore, Baltimore County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Baltimore Book Festival, Preakness Stakes, and Artscape. Our coverage extends to key organizations like the Baltimore Chamber of Commerce and Visit Baltimore, plus leading businesses in shipping and healthcare that power the local economy such as the Port of Baltimore and Johns Hopkins Medicine. As part of the broader HERE network, we provide comprehensive, credible insights into Maryland's dynamic landscape.
