After years of planning, designing and starting construction on a 235-acre waterfront development, the Baltimore Peninsula team has launched leasing on its first two apartment buildings.

The development team, led by MAG Partners and MacFarlane Partners, expects the first residents to move into the 250 Mission and Rye House buildings next month. Those properties have 416 total apartments, including 89 affordable units as part of a commitment to the city to offer 20% of dwellings at below-market-rate rent.

“We are proud to bring a new, inclusive approach to residential housing, further demonstrating our commitment to impact at Baltimore Peninsula," MAG Partners CEO MaryAnne Gilmartin said in a statement. "Welcoming residents to fully amenitized, high-quality homes for the first time in this neighborhood is transformative, and increases the options for quality waterfront living."

The building at 250 Mission has 162 apartments with 35 affordable units available at reduced rent for residents earning up to 80% of the area median income.

Rye House provides another 254 units with 45 Low-Income Housing Tax Credit units available at 50% of AMI and nine residences available at 30% of AMI.

According to the most recent state guidelines, the median household income in Baltimore is $116K a year. The fair market rent in Baltimore's statistical area ranges from $953 monthly for a studio apartment to $2,075 monthly for a four-bedroom unit.

• A family of four qualifies as earning 80% of AMI with an income of up to $89.4K annually. The maximum gross rent is capped at $2,235 a month to be considered affordable at that level.

• A family of four qualifies as earning 50% of AMI with an income of up to $58,050 annually. The maximum gross rent is capped at $1,451 a month to be considered affordable at that level.

• A family of four qualifies as earning 30% of AMI with an income of up to $34,850 annually. The maximum gross rent is capped at $871 a month to be considered affordable at that level.

The start of leasing marks a milestone in the project’s history following the announcement of the first batch of office tenants at the development this fall.

The first commercial and residential leases come after MAG Partners and MacFarlane Partners took over as the project's lead developers in May 2022.

In August, news outlets published articles questioning the pace of leasing at the development and whether the lack of progress was a sign the project was struggling.

However, in September, the development team announced it inked its first office lease with The H. Chambers Co., a 123-year-old interior design business, for 9K SF. In January, CFG Bank finalized a deal for three floors totaling 97K SF at 2455 House St.

The project, formerly known as Port Covington, also underwent a rebrand this fall and was rechristened Baltimore Peninsula.