Historic Tax Credits
$14.2 Million Federal
Total Development Cost
$50.6 Million
Project Partner
Sagamore Development, LLC
Impact
Economic Development, and more.
History
Fell's Point
Located in the southeastern part of Baltimore, the unique harborside community of Fell’s Point was initially developed by landowner William Fell in the early 1760s. From there it evolved from a forested agricultural area into a bustling, seafaring hub where some of the U.S. Navy’s first ships were built. After the War of 1812, Fell’s Point became the country’s second largest point of entry, surpassed only by New York’s Ellis Island.
Built in 1914, Fell’s Point Recreation Pier originally stored port cargo. The building was later used as a community center and served as a television studio for “Homicide: Life on the Street” but closed after the show ended in 1999. The city approved a plan for a hotel there in 2004. In 2010, it sold the deteriorating waterfront parcel for $2 million to a development team. The Plank venture purchased the site four years later bringing in California-based Montage Hotels & Resorts to operate the hotel under its “new luxury” Pendry brand.
Revitalization Efforts
The Sagamore Pendry Hotel
The adaptive reuse of the Recreation Pier is now the Sagamore Pendry Hotel. The Sagamore is part of a division of the ultra-luxury hotel and resort brand Montage, consisting of 128 rooms, a full-service American cuisine restaurant and bar, whiskey bar and lounge, 8,000 square feet of meeting space, a 230-seat ballroom, outdoor pool terrace overlooking the Inner Harbor.
The original headhouse is restored and serves as the hotel entrance containing the main lobby, restaurant and bar areas. The original ballroom is now restored and modernized to serve as the hotels banquet facility for an array of events including weddings and meetings. Three levels of guestrooms wrap around the existing pier with the majority of the rooms having unobstructed views of the harbor while the others look over an interior landscaped courtyard. The end of the pier has an infinity edge pool, cabanas and pool bar.
Community Impact
Investing in Baltimore
At the 2017 grand opening of the Sagamore Pendry Hotel, then Governor Larry Hogan spoke of the estimated 1,200 construction jobs that would be generated by the Hotel. The Sagamore employs roughly 204 people, of whom approximately 90% receive a living wage and approximately 71% are Baltimore City residents. The vast majority of the jobs are accessible to low-income people with or without high school degrees with career advancement opportunities.
Additionally, the development team purchased Baltimore’s Inner Harbor water taxi service, strategically adding a direct route from its headquarters across the harbor to the Sagamore Pendry Hotel. The development team’s investment in the Water Taxi has increased taxi stops, upgraded existing boats, added new boats, and lengthened service hours providing affordable transportation through the city.
NTCIC & Progress
Economic Impact
The development of the Sagamore Pendry Hotel was made possible, in part, by NTCIC through an equity investment in the $14.2 Million in federal Historic Tax Credits generated by the project.
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