Baltimore Peninsula Land Sale Moves Toward Housing Plan
The purchase of 90 acres will lead to a new residential component featuring townhomes in the Baltimore area.
Updated on Oct. 28, 2026 in Commercial
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Developer Mark Sapperstein has reached an agreement to purchase 90 acres of undeveloped land at the Baltimore Peninsula from Bank OZK. The deal is intended to settle a $40 million outstanding loan balance, with the project slated to incorporate a new residential component featuring townhomes.
Why it matters
This transition marks a pivotal shift for the site formerly known as Port Covington, as the development pivots toward residential growth following scaled-back office plans and struggles to attract commercial tenants. The move signals a new chapter for the area as the land moves from bank control back to private development.
The agreement covers approximately 90 acres of undeveloped land at the Baltimore Peninsula site. The sale aims to recover a $40 million loan balance, following the issuance of only a portion of the $660 million in city-authorized tax-increment financing bonds from 2016.
The players
Mark Sapperstein
A Baltimore developer known for building the McHenry Row project and the Locke Landing residential community.
Bank OZK
A financial institution that controlled the undeveloped land following a loan maturity.
Sagamore Ventures
A private investment firm that remains an owner of the Baltimore Peninsula's first phase.
Goldman Sachs
A global investment bank that retains ownership in the completed first phase of the development.
The details
The land transfer follows the maturity of a construction loan held by a joint venture between Sagamore Ventures and Goldman Sachs. After commercial office leasing in the first phase proved difficult and Under Armour reduced its headquarters plans, the bank initiated a sale process. The new development plan by Mark Sapperstein, known for his work on the McHenry Row project and the Locke Landing residential community, is expected to focus on housing.
Timeline
2016: The Baltimore City Council authorized $660 million in tax-increment financing bonds.
Late 2025: A construction loan for the Baltimore Peninsula joint venture reached maturity.
October 2026: Mark Sapperstein announced a purchase agreement for the undeveloped acreage.
Late 2026 or early 2027: The land sale is expected to close.
The Home Front
The shift toward residential townhomes at the Baltimore Peninsula represents a departure from the site's original commercial-heavy master plan. This transition aligns with broader trends in urban development where stalled office projects are being repurposed to address residential demand.
Residents living near the Baltimore Peninsula should monitor city planning announcements for upcoming public hearings regarding the new residential townhome proposals. Homeowners and renters in surrounding neighborhoods may want to track these developments to understand potential impacts on local property values and area traffic.
The takeaway
This development marks a significant transition from commercial office plans toward residential housing at the Baltimore Peninsula. Local stakeholders should keep an eye on upcoming design filings for the residential component to see how these changes align with the community's future needs.
Further reading
Learn more about local business infrastructure and development in our Commercial section.
Source note: This article includes information reported by The Baltimore Banner.
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