Baltimore Region Attracts Nearly $2B in Cultural, Arts Investment

From major sports and cultural anchors to makerspaces and creative campuses, a Greater Baltimore Committee analysis shows Baltimore is cultivating national-scale investment, talent and cultural innovation

BALTIMORE, Jan. 28, 2026 /PRNewswire/ — The Greater Baltimore Committee (GBC) today announced that nearly $2 billion – representing both completed projects and those in the development pipeline – has been invested in arts, culture and entertainment projects across the Baltimore region. These investments – spanning key venues such as Oriole Park at Camden Yards, M&T Bank Stadium, CFG Bank Arena, and the Pimlico Racecourse – are accelerating Baltimore’s rise as a national center for arts, culture, and creative innovation.

Following a $250 million renovation, the arena has re-emerged as a national touring and events destination. Photo Credit: CFG Bank Arena

The investments build on an already-robust arts and culture sector, which includes signature events that generate a combined annual economic impact of $225.5 million and attract at least 1.2 million visitors to the region per year. The region ranks No. 1 among peer regions in cultural institution density according to a 2024 research study by Resonance Consultancy Ltd. and GBC.

Here is a breakdown of Baltimore’s most significant new sports, arts and culture developments:

Major Sports & Entertainment Anchors

Oriole Park at Camden Yards: A $135 million approved budget is funding a multiphase renovation modernizing Baltimore’s MLB stadium with new premium clubs, upgraded video and sound, enhanced concourses, and expanded fan amenities. Funded by the Maryland Stadium Authority and the Baltimore Orioles.
M&T Bank Stadium: Nearly $490 million is being invested to modernize the home of the Baltimore Ravens, including new premium club spaces, upgraded retail, and a three-level open-air entertainment destination featuring a main stage and sports bar. Funded by the Maryland Stadium Authority and the Baltimore Ravens.
CFG Bank Arena: Following a $250 million renovation, the arena has re-emerged as a national touring and events destination, driving increased visitation, economic activity, and year-round entertainment programming.
Pimlico Racecourse Redevelopment: A $500 million state-led investment is transforming Pimlico into a modern, year-round racing and events complex, including upgraded facilities, community space, and a new 800-stall training center at Shamrock Farm. Backed by $400 million in state bonds and $100 million from the Racing and Community Development Financing Fund.

Arts & Cultural Institutions

The Pikesville Armory: A $95+million planned multi-year redevelopment, with $54 million currently secured, that is transforming the 120-year-old historic site into a 14-acre arts and recreation campus featuring artist studios, indoor sports facilities, performance space, public art, outdoor athletic fields, and community amenities. Funded by the Pikesville Armory Foundation.
B&O Railroad Museum: A $25 million redevelopment is underway at the historic Baltimore museum, with private funding covering $16.9 million and public support totaling $8.1 million.
The Performing Arts Center (Columbia, MD): A $68 million project is underway at the Toby’s Dinner Theatre site, featuring a 340-seat dinner theater, children’s theater, black box theater, classrooms, and 174 mixed-income housing units.
Baltimore-area Maker Spaces: Prominent investments aim to activate makers and craft manufacturing spaces include the $20 million conversion of the 17-acre Crown Industrial Park into a mixed-use development and community hub in East Baltimore; the $25 million redevelopment of the former Detrick & Harvey Machine Works factory in Johnston Square; and a $4 million collaboration between the nonprofit Open Works, Coppin State University and the Baltimore Arts Realty Corporation to develop a second Open Works makers space location.

The Baltimore Region is a nationally regarded arts and entertainment hub, supported by major cultural proof points such as Amy Sherald’s decision to house her career retrospective at the Baltimore Museum of Art, the three-year extension of Jonathan Heyward’s tenure at the Baltimore Symphony Orchestra, and Carmelo Anthony’s “House of Melo” exhibition at the Enoch Pratt Free Library, underscoring the region’s influence across sports, arts, and civic culture.

The region is also home to Artscape, the nation’s largest free outdoor arts festival, which relocated to the heart of downtown as part of the Downtown RISE initiative—positioning arts and culture as a driver of downtown revitalization, small business growth, and talent attraction. Artscape generates tens of millions of dollars annually for local artists, businesses, and the hospitality sector.

In the coming years, the city plans to modernize and expand the Baltimore Convention Center and develop a 7,500-seat Major League Soccer (MLS) Next Pro stadium for D.C. United’s player development pipeline, according to a Maryland Stadium Authority study. Baltimore will also welcome a professional women’s basketball team in the Upshot League in 2027.

“What’s happening in Baltimore is not a collection of isolated projects — it’s the emergence of a full creative ecosystem at national scale, backed by billions of dollars in public and private investment,” said Mark Anthony Thomas, President and CEO of the Greater Baltimore Committee. “From artists and makers to major sports franchises and cultural institutions, capital is flowing across the entire spectrum. This moment builds on decades of cultural strength, but the scale is new — and it reflects growing investor confidence in Baltimore’s creative economy and its role in driving population growth, visitation, and long-term economic momentum.”

Arts and culture investments are part of a broader strategy reshaping Baltimore. The city is leading the nation’s largest housing redevelopment initiative, backed by $1.2 billion in public funding and designed to attract $5 billion in private investment over 15 years. The plan will revitalize more than 37,000 vacant or at-risk properties and stimulate development on an additional 33,000 sites. At the same time, Baltimore’s historic waterfront is undergoing a $3 billion transformation.

About the Greater Baltimore Committee
The Greater Baltimore Committee (GBC) is the leading economic and civic organization for the Baltimore Region, providing insightful economic and civic leadership to drive collective impact. GBC is powered by more than 300 private sector partners, including large, mid-size, and small companies; nonprofits; foundations; and educational and healthcare institutions; the GBC is dedicated to fostering the prosperity of the Baltimore Region. Founded in 1955, the GBC merged in 2022 with the Economic Alliance of Greater Baltimore—an organization that marketed the region for business investments—and hired its first new leader in more than two decades. In 2024, GBC launched the “Bold Moves” initiative, a new economic brand designed to showcase the region’s ambition, innovation, and momentum in attracting business and talent to Greater Baltimore.

SOURCE Greater Baltimore Committee

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