Rye Street Tavern
Now Open at Baltimore Peninsula!
The Washington DC-based restaurant group planning to open its first Baltimore location at Baltimore Peninsula in 2024.
The Baltimore Peninsula development team, led by MAG Partners with MacFarlane Partners and Goldman Sachs Asset Management announced today that the Washington DC- based Clyde's Restaurant Group (CRG), a subsidiary of Graham Holdings Company (NYSE: GHC), signed a long-term lease for Rye Street Tavern at Baltimore Peninsula, the 235-acre mixed-use waterfront community. Clyde’s will make significant improvements to the existing 12,000 square-foot, two-story restaurant building and create a large outdoor dining area with compelling waterfront views of the Patapsco River. Rye Street Tavern’s culinary team will offer a versatile menu that accommodates both business entertaining and fun, casual dining. Rye Street Tavern will feature Sagamore Spirit Rye, which is produced in an award-winning distillery located in Baltimore Peninsula adjacent to the restaurant. Rye Street Tavern will be the first Baltimore location for the popular restaurant group, which currently has twelve other properties in Maryland, Washington DC and Virginia.
“The neighborhood at Baltimore Peninsula continues to evolve and expand. Together, with exceptional partners like Clyde’s, we are seeing Baltimore Peninsula shift from a development site to a vibrant community,” said Kevin Plank, Principal and CEO of Sagamore Ventures. “Clyde’s Restaurant Group is an ideal partner for us, with their emphasis on high quality food and service in a fun and active environment. We expect the new Rye Street Tavern will be tremendously well-received by residents, businesses, and visitors. We anticipate Rye Street Tavern will become the heart of the neighborhood.”
“Clyde’s is honored to partner with Baltimore Peninsula and Sagamore Spirit to further invigorate this thriving community. Rye Street Tavern will celebrate Maryland culinary traditions and embrace the kindred values of the team,” said Jeff Owens, CFO & Corporate Development at Clyde’s Restaurant Group.
“Sagamore is the top selling rye in our restaurants. We are excited to advance our partnership to a new level and invest in making Baltimore Peninsula an inclusive and extraordinary destination. We will offer a vast selection of seasonal and classic cocktails, locally sourced beers, and a broad international wine program....but we will only expect to stock one brand of rye whiskey!”
"Baltimore Peninsula's transformation into a vibrant community is another example of Baltimore's renaissance," said Mayor Brandon M. Scott. "I am excited about the partnership with Clyde's to bring its first location to our city and the shared vision for building diverse and thriving communities.”
Clyde's Restaurant Group is driven by the sentiment that the best dining begins with “fresh ingredients, friendly people, and an unforgettable atmosphere.” Working alongside Grizform Design Architects, the space will be redesigned to include a variety of unique and distinctive bars, dining, and private event spaces, all furnished with art and artifacts that celebrate the rich heritage of Baltimore. Extensive renovations of the existing facility will include a fully redesigned kitchen, oyster bar, and a spectacular outdoor waterfront venue. A 75-seat island bar will be the centerpiece of the outdoor dining experience.
“Dynamic, engaging retail plays a critical role in creating a sense of place and community, which is why Clyde’s is a seamless partner. Its family-friendly approach, commitment to fresh ingredients and the desire to provide a memorable experience perfectly complements our vision for Baltimore Peninsula,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners.
The lease signing for Rye Street Tavern is the latest development in the transformation of Baltimore Peninsula, with over 1.1 million square feet of new office, retail, and mixed-income residential opening this year, and with its first residents moving into Rye House and 250 Mission. The announcement is part of the development team’s larger effort to realize Baltimore Peninsula as a vibrant mixed-income residential neighborhood and thriving business district, supported by waterfront events and activities, new restaurants and social destinations that bring opportunity and strengthen the spirit of Baltimore.
“For more than three decades, we at MacFarlane have invested in communities hungry for this type of amenity that is empowering for job creation, social impact, and a growing restaurant destination,” said Victor MacFarlane, MacFarlane Partners Chairman and CEO. “The Clyde’s Restaurant Group is an institution in the DMV and will be a tremendous and welcome asset to Baltimore Peninsula.”
Rye Street Tavern also provides new workforce opportunities for Baltimore’s workers within the service industry, some of the hardest hit during the pandemic. As the Baltimore Peninsula development team has committed itself to local hiring practices, Clyde’s will create over 150 attractive hospitality jobs.
About Baltimore Peninsula
Baltimore Peninsula is a 235-acre redevelopment project located on Baltimore City’s prime waterfront, featuring investments from Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management. As one of the largest urban revitalization efforts in the United States, Baltimore Peninsula will have a fundamental and far-reaching impact on Baltimore’s future. At completion, this transformative project will include: up to 14 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space. The Baltimore Peninsula redevelopment is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce. For more information on Baltimore Peninsula, visit baltimorepeninsula.com or visit on Instagram, Facebook and Twitter.
About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm that acquires, develops and manages properties on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco and operates regional offices in Los Angeles and Seattle. For additional information, visit Macfarlane Partners.