Baltimore's Historic Waterfront Undergoes $3 Billion Transformation, Ushering in a New Era of Urban Development

231.5-acre revitalization driven by a series of major mixed-use projects and public-private partnerships, blending preservation with modern mixed-use living

BALTIMORE, July 16, 2025 /PRNewswire/ -- The Greater Baltimore Committee (GBC) today announced more than $3 billion has been invested across a series of major mixed-use real estate projects reshaping Baltimore's historic waterfront. Spanning a combined 231.5 acres, these transformational efforts – led by developers Beatty Development Group, MAG Partners, MCB Real Estate and the Waterfront Partnership of Baltimore – reflect a bold era of public-private collaboration with the city to enhance downtown living, commerce and recreation.

Here is a breakdown of Baltimore's most significant new waterfront developments:

• Harbor Point: A $1 billion redevelopment of a 27-acre former brownfield site – once home to an Allied Signal chrome processing plant – into a mixed-use master-planned community by Beatty Development Group. Phase three is nearly completed, with the recent opening of T. Rowe Price's Global Headquarters, a 4.5 acre greenspace, and an apartment complex.
• Baltimore Peninsula: A $1.1 billion investment is fueling a 177-acre master-planned development, which will feature 14 million square feet of mixed-use space. A key highlight is the new 24,000 square-foot Under Armour global headquarters, which transformed a former industrial and commercial space into a modern campus. Most recently, the University of Maryland announced plans to relocate its satellite campus for the Robert H. Smith School of Business to the Baltimore Peninsula, occupying 12,480 square feet. Developed by MAG Partners, 1.2 million square feet of construction has already been completed, with additional projects in active planning to fulfill the full 14 million square feet envisioned for the development.
• Rash Field Park: Located along Baltimore's Inner Harbor, the $16.8 million Phase I of the project debuted in November 2021, featuring a new pavilion with a café, outdoor seating, a green roof, a dynamic skate park, a nature park, and a playground. Phase II, a $18 million investment currently under construction, is adding a large open lawn, gardens, beach volleyball, pickleball courts and new walking trails. Waterfront Partnership of Baltimore is heading up the 7.5-acre project, with other city and state organizations and private donors.
• Harborplace: The $900 million, 20-acre waterfront site will feature four new mixed-use buildings, including retail, offices, a 2,000-seat amphitheater, parks, promenades and approximately 900 residential units. Developed by MCB Real Estate, the project is expected to break ground in 2027, transforming the long-abandoned strip that was once a vibrant hub for shopping, dining and outdoor recreation.

These new projects add to Baltimore's waterfront developments completed in the 2010's, including the $500 million Harbor East office and residential complex – which added 3 million square feet of office space and 990 residential units downtown – and the $60 million Sagamore Pendry Hotel in Fells Point.

"Baltimore is becoming a national leader in urban transformation. These billion-dollar developments along our historic waterfront are a model for how public-private collaboration can improve a community for residents, workers, businesses and visitors alike," says Mark Anthony Thomas, president and CEO, Greater Baltimore Committee (GBC). "For the first time in a decade, our population is on the rise, as are investments in arts and culture downtown."

Mixed-use features, along with historic preservation elements, are integrated into each project's plans, incorporating expansive green spaces, pedestrian-friendly design, residential housing, commercial spaces, and vibrant arts and entertainment amenities.

"Baltimore's Inner Harbor is the beating heart of our City. MCB is thrilled to lead the reimagination of Harborplace and prioritize community amenities at our historic waterfront, build local businesses and create a thriving multi-use experience as a way to drive long-term success of the City," said P. David Bramble, co-founder and managing partner of MCB Real Estate, the firm redeveloping Harborplace. "Our goal is to marry world-class design and planning with an irreplaceable location to create a once-in-a-generation transformative development."

The impact of these combined efforts is already evident: Baltimore has seen a historic population increase for the first time since 2014 and a significant reduction in crime, with trends expected to continue as these projects are completed.

Alongside these strategic investments, Baltimore is experiencing a cultural revival, with a growing food scene, more museums per capita than other U.S. cities, and a vibrant arts community through events like ArtPrize, Graffiti Alley, ArtWalk, and collaborations with nationally ranked art and design school, the Maryland Institute College of Art (MICA).

About the Greater Baltimore Committee

The Greater Baltimore Committee (GBC) is the leading economic and civic organization for the Baltimore Region, providing insightful economic and civic leadership to drive collective impact. GBC is powered by more than 300 private sector partners, including large, mid-size, and small companies; nonprofits; foundations; and educational and healthcare institutions, the GBC is dedicated to fostering the prosperity of the Greater Baltimore region. Founded in 1955, the GBC merged in 2022 with the Economic Alliance of Greater Baltimore—an organization that marketed the region for business investments—and hired its first new leader in more than two decades. In 2024, GBC launched the "Bold Moves" initiative, a new economic brand designed to showcase the region's ambition, innovation, and momentum in attracting business and talent to Greater Baltimore.

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SOURCE Greater Baltimore Committee