Kevin Plank’s 5.5 billion redevelopment project, Port Covington, now has a new joint owner in Goldman Sachs. The $233M investment was seen as a turning point in the development process says Tom Geddes, CEO of Plank Industries. “It represents progress for Port Covington and delivering on the promise to bring outside capital to Baltimore,” Geddes said.
If you’ve been to Fells Point over the last year, you’ve noticed the ever-present construction on Thames Street. The formerly vacant building on Rec Pier now owned by Kevin Plan was originally set to open as a hotel, venue, restaurant and more in the fall of 2016, but the target date was revised to spring of 2017 several months ago. As of now, the 2017 deadline is on track. Fells Point business owners are looking forward to the opening, as the increased foot traffic and removal of construction should improve business exponentially.
Read more about the opening here on the Baltimore Business Journal.
The location formerly occupied by Bethlehem Steel will be the site of a new 1,000-employee distribution center for Kevin Plank’s Baltimore business, Under Armour. It is slated to open in 2018 and be the national distribution center for the apparel and footwear giant.
There were rumors, but now there has been confirmation. Kevin Plank, Under Armour CEO and Baltimore mogul has purchased 100% of Harbor Boating, Inc. with Sagamore Ventures- meaning Plank now owns the Water Taxi that navigates the waters of Baltimore. Big changes are afoot, as Baltimore Water Taxi president Michael McDaniel reports that “the recent renewal combined with the sale to Sagamore Ventures makes it a transformative time for Baltimore Water Taxi, which will soon feature an updated fleet, Uber-esque on-demand services, and additional routes for the federally funded Harbor Connector—a waterborne extension of the Charm City Circulator.”
If you listen to the radio or watch TV, chances are, you’ve heard the new ads that have been running that talk about Port Covington. Port Covington, a neighborhood revitalization project that is slated to home the Under Armour headquarters, is a 266 acre plot of land on the water. This week, the Sagamore Development (owned by Under Armour CEO Kevin Plank) requested $535 million from the Baltimore Development Corporation (BDC). Additionally, the project will require $573.6 million in state and federal funding, and $327.7 of Sagamore’s own funds initially.
Read the article on the Baltimore Business Journal here.
Following the previous humanitarian efforts that he has made towards a better Baltimore, Kevin Plank, the CEO of Under Armour, will be donating $6.275 million towards a new recreation and community center in East Baltimore. The funding will be split- $5 million will come from Plank’s Cupid Foundation, where the other $1.275 million will come from UA itself. Living Classrooms, the current facilitator of the building, will take control of programming in the new center as well.
Read more about the varied efforts here, on the Baltimore Business Journal.