Goldman to finance part of Under Armour CEO’s new “mini-city” in Baltimore

The bank is the $5.5B project's first private investor

Sep.September 17, 2017 02:11 PM

Kevin Plank, CEO of Under Armour Inc. and owner of Sagamore Development Company is leading the Baltimore project. (Sagamore Development Company, Wikimedia Commons)

Baltimore’s Port Covington development has its first private investor: Goldman Sachs Group with a $233 million commitment.

The project is spearheaded by Under Armour Inc. CEO Kevin Plank and his private real estate firm Sagamore Development Company, and seeks to transform a 235-acre industrial peninsula in Baltimore into a “mini-city,” according to the Wall Street Journal.

The total cost of the project is estimated around $5.5 billion and will include residential, office and retail along with park spaces and, fittingly, a new Under Armour campus to kick things off for Plank’s new city.

Goldman’s investment makes the bank a joint owner and is the largest commitment the bank’s urban-investing division has ever made. That said, the project is still securing financing with Plank and Sagamore hoping for over $1 billion in public money, which is sparking local debate on whether new housing units will be affordable.

[Wall Street Journal] — E.K. Hudson

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