MCB Real Estate will manage the Inner Harbor Marina in Baltimore after city officials approved a 20-year lease for the facility. The agreement names MCB IHM Owner LLC, an affiliate of the company, as the marina’s operator.
In a report by Ed Gunts for Baltimore Fishbowl, Baltimore’s Board of Estimates approved the lease between the mayor and city council of Baltimore and MCB IHM Owner LLC for the marina.
The lease gives MCB IHM Owner LLC the right to operate and manage the marina for an initial term of 20 years. The agreement will begin on 1 April 2026 and continue until 31 March 2046. It includes the option to renew for two additional terms of five years each.
Under the lease, the company must provide the labour, material, equipment and services required to manage and operate the marina during the lease period. The company will pay the City of Baltimore annual rent equal to six percent of the marina’s gross operating revenue.
The transaction amount listed for the agreement is $1 USD. The Baltimore Development Corporation estimates that six percent of the marina’s gross revenue could amount to about $1 million over the 20-year term.
The lease includes 125 boat slips and dockside services such as electricity, trash disposal, a fuel dock, fresh water supply, sewage and wastewater disposal, restrooms, laundry facilities, showers, storage areas and office space. The marina lease will give the company control of additional property around the Inner Harbor basin.
