MCB Real Estate Secures 20-Year Inner Harbor Marina Lease, City Revenue Share

Baltimore’s Board of Estimates approved a 20-year lease that hands operation of the city-owned Inner Harbor Marina, a 125-slip facility at 400 Key Highway near the Rusty Scupper, to MCB IHM Owner LLC, an affiliate of Harborplace redeveloper MCB Real Estate. The lease, set to begin April 1, 2026 and run through March 31, 2046, requires the operator to remit annual rent equal to six percent of the marina’s Gross Operating Revenue to the City of Baltimore.

The agreement, which lists the transaction amount as $1, gives MCB IHM Owner LLC management and operational control of the marina and, Marinaworld’s reporting notes, additional property around the Inner Harbor basin. The Baltimore Development Corporation estimated that the city’s 6 percent share could amount to about $1 million over the 20-year term, an estimate published alongside the lease terms.

Under the lease language reported by local coverage, MCB IHM Owner LLC must “provide all labor, material, equipment and services required to manage and operate the marina,” and the company is to run the facility as a “first class” marina for the duration of the term. Marinaworld’s summary of the signed agreement lists dockside services and amenities that the lease covers, including electricity, trash disposal, a fuel dock, fresh water supply, sewage and wastewater disposal, restrooms, laundry facilities, showers, storage areas and office space.

Latitude Marinas, identified in local reporting as the marina’s current operator, manages several other regional properties such as National Harbor Marina in Washington, Annapolis Town Dock, Harbor East Marina, Port Covington Marina and the Clinton Street Boatel; the lease will transfer operations away from Latitude when MCB takes control. The agreement includes two additional renewal options of five years each beyond the initial 20-year term.

MCB Real Estate, the Baltimore-based developer leading the Harborplace replacement project, is described in its corporate profile as managing $3 billion in assets under management, overseeing roughly 15 million square feet, and operating with a team of more than 100 professionals. Local reporting ties MCB to the $900 million mixed-use Harborplace redevelopment that will include apartments, shops, restaurants, offices and park space; MCB’s website also presents preliminary project metrics for a public market, food hall and event venue, noted as “preliminary and subject to change.” The company’s site states, “A seamlessly integrated vertical suite of professional services ensures we deliver comprehensive strategies and support at every stage of an asset’s lifecycle.”

City records and the executed lease will be required to clarify several open items not specified in public summaries, including capital investment obligations, the precise boundary of the “additional property” included in the lease, and the operational handover timeline ahead of the April 1, 2026 start. The Board of Estimates approved the lease on March 5, 2026, setting a transition that will fold marina management into the same developer reshaping Harborplace while delivering a modest, percentage-based revenue stream to the city.