BALTIMORE — MAG Partners has announced its exit from the master development team of Baltimore Peninsula, a $5.5 billion mixed-use development underway in south Baltimore. The multi-phase, 235-acre development, formerly branded as Port Covington, is led by Sagamore Ventures, a developer founded by Under Armour’s CEO Kevin Plank, as well as Goldman Sachs Urban Investment Group and the City of Baltimore.
MacFarlane Partners has also been a member of the development team since joining alongside MAG Partners in 2022, but the San Francisco-based firm has also left the project, according to the Baltimore Business Journal. The news outlet also reported that MAG Partners will stay involved in several office leases in the works alongside leasing agent Courtenay Jenkins of Cushman & Wakefield.
In its departure statement, MAG Partners says the firm was involved in opening 1.1 million square feet of commercial space at Baltimore Peninsula and stabilizing 450 apartments since joining the development team in May 2022. The Baltimore Business Journal reports that Sagamore Ventures is seeking out development partners for the remaining phases of Baltimore Peninsula.