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 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.