Mark Sapperstein Reaches Deal for Baltimore Peninsula Land

The developer aims to acquire 90 acres of undeveloped land to expand residential housing options in Baltimore.

Updated on Oct. 28, 2026 in Commercial

Screen-print poster illustration of a vast empty waterfront harbor site, evoking the quiet potential for new residential development. — Developer Mark Sapperstein has reached an agreement to acquire 90 acres of undeveloped land at the Baltimore Peninsula site for residential expansion. AI Illustration. Upload story photo >

Live Poll

Do you believe large-scale commercial redevelopment projects provide a net benefit to your local community?

Developer Mark Sapperstein has entered an agreement to purchase approximately 90 acres of undeveloped land at the Baltimore Peninsula site. The acquisition follows a process initiated by Bank OZK to recover a $40 million outstanding balance from a prior joint venture.

Why it matters

The deal arrives after Under Armour scaled back plans for a corporate headquarters at the site, formerly known as Port Covington. Previous commercial and office spaces in the area have struggled to attract enough tenants to sustain the original development scale.

The transaction covers 90 acres of currently undeveloped land within the Baltimore Peninsula project. The site is part of a larger area where city officials previously authorized $660 million in tax-increment financing.

The players

Mark Sapperstein

A prominent Baltimore developer who previously led the McHenry Row and Locke Landing projects.

Bank OZK

The financial institution that controlled the undeveloped parcels after a loan maturity default.

Sagamore Ventures

A venture capital firm that retains ownership of phase one of the Baltimore Peninsula development.

Goldman Sachs

A global investment banking firm that maintains partial ownership of the initial phase of the site.

Under Armour

The athletic apparel company that significantly reduced its original development footprint at the site.

The details

Sagamore Ventures and Goldman Sachs previously controlled the site before transferring rights to Bank OZK following a loan maturity in late 2025. Sapperstein, known for his work on McHenry Row and the Locke Landing residential community, plans to introduce a residential component featuring townhomes to the area.

In 2016, the City Council authorized $660 million in tax-increment financing.
In late 2025, the construction loan for the joint venture came due.
In October 2026, Mark Sapperstein announced the purchase agreement.
The sale is expected to close in late 2026 or early 2027.

Culture Shift

The pivot from commercial office plans to residential townhome construction reflects a broader movement toward densifying urban housing over large-scale corporate hubs. This transition mirrors a shift seen in post-pandemic real estate markets where residential demand is outpacing office growth.

Residents can expect new housing inventory as townhome construction replaces previously stalled commercial development. This shift may alter the neighborhood layout and long-term residential density in the Baltimore Peninsula area.

The takeaway

This purchase signals a major change in the development strategy for the waterfront, prioritizing housing to better match current market realities. Local stakeholders should monitor the upcoming master plan revisions as Sapperstein transitions the site from a failed commercial vision to a residential one.