Sagamore Development gains option on aquarium property in Port Covington

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Sagamore Development has entered into an agreement that could lead to the purchase of what was public land — now controlled by a subsidiary of the National Aquarium — in Port Covington.

The possible acquisition of the property was disclosed in the Sagamore’s application to the city of Baltimore for $535 million in public financing for the $5.5 billion project.

“Sagamore Development and the Center for Aquatic Life and Conservation (CALC), a subsidiary of the National Aquarium, have entered into an agreement under which Sagamore has been provided an option to acquire CALC’s properties at 2400 Clarkson, 2300 South Hanover and 101 West Cromwell,” the company wrote in an emailed statement. “This transaction is part of Sagamore’s overall vision for a major redevelopment of Port Covington, a multi-year project that will create jobs, build green spaces and parks, preserve public access to the waterfront and bring significant long-term economic benefit to the City of Baltimore, the state and the region.”

Sagamore, backed by Under Armour CEO Kevin Plank, is in the midst of trying to develop roughly 260-acres of land on the underutilized industrial area in South Baltimore as part of one of the largest urban renewal projects in the nation.

In 2007, the aquarium acquired the properties from Baltimore, paying $1.5 million for the 4.3-acre Clarkson Street property, $148,000 for the seven-acre, waterfront Cromwell Street property and $13,000 for the one-acre Hanover Street property, according to state property tax records.

The National Aquarium, in an email from a spokeswoman in August, acknowledged its interest in possibly selling the land to the developer. The organization has maintained its initial purchase agreement with the city prevents it from selling the property for a profit.

The aquarium’s spokeswoman did not respond to requests for comment Tuesday.

Previously, Sagamore has said it has no plans for the property, which was initially going to be turned into a waterfront public access facility and a new animal care facility. But the 2008 economic collapse caused those plans to fall by the wayside.

“Sagamore and CALC have taken the initial steps required to effectuate the acquisition, but there are many review and approval processes with the City and State that are required before anything is finalized. If approved, this acquisition will not result in a loss of conservation area and Sagamore is fully committed to ensuring and preserving public access and use of the waterfront,” according to a statement from the company.

Renderings of the complete Port Covington redevelopment show baseball fields on the property, but those plans were presented to city officials as wishful thinking because the developer did not have control of the land.

During a recent Board of Finance meeting, about the developer’s request for $535 million in tax increment financing, city officials said Sagamore currently controls about 161 acres of the roughly 260-acre space planned for redevelopment.