Baltimore leases Inner Harbor Marina to developer for cut of revenue

BALTIMORE, MD (WBFF) — Baltimore will lease out the Inner Harbor Marina to MCB Real Estate for a cut of the revenue, as the firm works to redevelop Harborplace.

The city’s spending board approved the 20-year lease on Tuesday without discussion. The developer is required to pay the city 6% of its gross revenue from the marina, estimated at $1 million over the course of the lease.

An agenda page listed the rent as $1, though that was a “typo,” according to Jeremy Watson, senior vice president and chief real estate officer at the Baltimore Development Corporation. Under the new structure, the rent is simply a portion of the marina’s revenue, and the new property manager is responsible for renovations and labor costs.

City officials ended their lease of the marina in 2023, as plans for MCB to redevelop Harborplace came into shape. The marina at 400 Key Highway, currently operated by Latitude Marinas, has 125 boat slips, as well as facilities for dockside services. The new property manager, owned by developer P. David Bramble, will pay for marina operations and is expected to run it as a “first class” facility, according to a Board of Estimates memo.

Read the full story on the Baltimore Sun.