BALTIMORE (WBFF) — The Baltimore Peninsula, once hailed as one of the city’s most ambitious developments, has not lived up to expectations after a decade. Despite the construction of apartments and retail spaces, the project has not delivered the promised economic boom.
“This development has fallen well short of expectations,” Anirban Basu, chairman and CEO of Sage Policy Group, said.
“The citizens of Baltimore City were promised this would be a huge development and jobs associated with this and it’s not,” David Williams, taxpayer advocate, told FOX45 News.
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Kevin Plank, CEO of Under Armour, whose investment group initiated the project, announced his departure from the venture. In a statement, Plank said:
As I remain focused on leading UA’s comeback, while I remain invested, it’s our partners who will take the lead in carrying forward the next chapters of Baltimore Peninsula’s development.”
The project initially garnered attention when the city approved a $660 million bond deal, the largest special tax deal in Baltimore’s history, to support the development. The promise of job creation was a key factor in securing the deal. However, Williams noted, “This happens all the time, city officials promise big things from TIFs (Tax Increment Financing) and often they don’t deliver.”
Basu believes taxpayers are unlikely to be harmed, as less than a third of the bonds have been issued.
“There is a neighborhood there. There are paying tenants there and the revenue flow coming out of that development should be enough to pay for these bonds in the short term,” Basu said.
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With Plank stepping away, an out-of-state bank now owns the undeveloped land, casting uncertainty over future development.
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