Historically known as Port Covington but rebranded as Baltimore Peninsula with redevelopment efforts in the 21st century, it is a neighborhood in south Baltimore, Maryland containing 2.5 miles of shoreline. Several 2025 articles have referred to the Baltimore Peninsula project as the "Billion Dollar Ghost Town". It's surrounded by some of Baltimore's most vibrant, culturally rich neighborhoods: Federal Hill, Riverside, Locust Point and Pigtown but the development has no interchange on I-95 and to access those enclaves requires a frontage road to cross the interstate, railroad tracks and other impediments.

The marshy site south of downtown Baltimore was part of the 1814 Battle of Baltimore. Two almost forgotten fortifications were located there, just west of the famous Fort McHenry: Fort Babcock and Fort Covington.

Less than a decade after the War of 1812 ended, both forts were deserted; Fort Covington was demolished in 1837. There has never been a historic marker, but The Baltimore Sun reported that when the Western Maryland Railway acquired property for a shipping terminal in 1904, they named the area "Port Covington" to honor the fort.

Interstate 95 was constructed over the site of Fort Babcock. The National Star-Spangled Banner Centennial Commission erected a Fort Babcock memorial in 1914 at the Gould Street Power Plant. The cannon and commemorative plaque on a granite block were removed prior to the early 2021 power plant demolition. The Society of the War of 1812 in Maryland now has possession of the Fort Babcock memorial and the cannon is being restored. The Society is discussing options with the developer.

Port Covington was considered in the mid-1980s as a location for the Baltimore Orioles stadium prior to construction of Oriole Park at Camden Yards.

For much of the 20th century, Port Covington was a railroad terminal built by the Western Maryland Railway in 1904 on the Middle Branch of the Patapsco River. The terminal facilities included coal, grain and merchandise piers, overhead cranes, 11 rail yards, warehouses, a roundhouse, a turntable and a machine shop. Coal from Pennsylvania was loaded in the 1920s rotary dumpers for coal and coke were installed, and a large grain elevator. Port operations ended in the 1970s and the docks were abandoned in 1988.

The Baltimore Brick Company purchased several competing businesses in 1899. Included in the acquisition was a 6.4-acre waterfront property in south Baltimore. The Great Baltimore Fire raged on February 7th and 8th, 1904 when 1,500 buildings were destroyed and another 1,000 damaged severely. After the fire, the tract was sold for $45,000 to the Maryland Telephone and Telegraph Company who constructed the Gould Street Generating Station (GSGS) to offer electricity to their customers. At the time, the company was the largest provider of phone service in Baltimore with 9,000 customers. The GSGS cost an estimated $2 million to build and was touted as "thoroughly modern and fireproof", constructed of steel and concrete with exterior brick walls. The boilers and steam turbines were made by Westinghouse and the location had access to coal from railcars or ships. When production began in 1905, capacity was 8,000 horsepower. Chief competitor was Consolidated Gas Electric Light and Power Company who constructed the Westport Generating Station that same year. In 1906, Consolidated acquired all of Baltimore's competing electric companies and in 1908, all the other Baltimore generating stations were shut down. Westport's output of 252 megawatts was sufficient for the entire city; however, the Gould Street station became a backup during peak periods of demand.

A new building was constructed on the site in 1927 to contain three generating units. Units 1 and 2 were steam-powered 35 megawatt generators. A boiler which burned pulverized coal created 450 psi steam for the turbines that was superheated to 750 °F (399 °C). These two generators operated until they were decommissioned in 1977.