Developer to buy 90 acres of undeveloped land at Baltimore Peninsula

Mark Sapperstein of 28 Walker Development has entered into a contract to buy about 90 acres of undeveloped land in South Baltimore, according to The Baltimore Banner. This land is considered the largest stretch of undeveloped property in Baltimore, spread across multiple parcels at the Baltimore Peninsula.

The land has been controlled by Arkansas-based Bank OZK since Under Armour founder Kevin Plank stepped away from future development plans at the area formerly known as Port Covington. The bank recently disclosed the contract to sell the land, with closing expected late this year or early next year. The sale is expected to generate net proceeds roughly equal to the bank's outstanding balance of $40 million.

Sapperstein declined to specify detailed plans for the site but confirmed it will include a residential component featuring townhomes. He has been involved in several South Baltimore projects, including the McHenry Row mixed-use community in Locust Point and Locke Landing, a waterfront residential development adjacent to the Baltimore Peninsula site.

Originally, Plank envisioned a mini-city anchored by a large Under Armour campus. However, as Under Armour faced challenges, those plans were scaled back. Sagamore Ventures, Plank’s firm, partnered with Goldman Sachs to develop phase one, which includes residential, office, and commercial buildings. Some commercial and office spaces remain unoccupied, and the joint venture handed control of future development land to Bank OZK after a construction loan matured.