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