(ZeroHedge)—The Baltimore Peninsula—formerly known as Port Covington—is a 235-acre, large-scale mixed-use waterfront redevelopment in South Baltimore, which one YouTuber has called it a “billion-dollar ghost town.”
“This video explores Baltimore’s newest and swankiest waterfront neighborhood,” YouTuber “Building Tales” wrote in the description of the video, adding, “It’s a beautiful Saturday, but there’s just one thing missing … people.”
The video description continued, “On this particular Saturday I walked around for a half hour and could just about count all the people I saw on one hand. So what’s going on here… why are there all of these beautiful new buildings but seemingly no one here to use them?”
Major developers of the waterfront redevelopment project include:
- Sagamore Ventures (Kevin Plank, Under Armour founder)
- Goldman Sachs Urban Investment Group
- MAG Partners (New York-based, led by MaryAnne Gilmartin)
- MacFarlane Partners (San Francisco-based real estate firm)
Financing on the deal included:
- Public and private financing: Over $5.5 billion in total investment planned
- Largest TIF (Tax Increment Financing) in Baltimore history: $660 million approved in public bonds to fund infrastructure
So far, the struggling apparel brand Under Armour remains the large anchor tenant at Baltimore Peninsula, with a new global headquarters. Much of the surrounding office and retail space has been built on speculation, with hopes that additional tenants will follow.
According to one industry insider, a key challenge facing Baltimore City’s commercial real estate market is the growing number of competing business districts—both completed and under development—that are attracting tenants, such as Harbor East.
The broader issue is that Baltimore City Hall remains under the control of radical leftist activists whose decade-long social justice experiment has backfired, igniting recent and broader violent crime waves. The population in the metro area has plunged to a 100-year low as residents and businesses flee the crime-infested area.
Whether it’s the population collapse, violent crime, mass exodus of residents, or the sight of a “ghost town” in a major new commercial development—Baltimore’s decline all points back to one root cause: decades of failed progressive leadership at City Hall.
