Under Armour CEO Plank receives investment from Goldman Sachs for Port Covington
Under Armour CEO Kevin Plank and Sagamore Development Company plan to revitalize Port Covington, Baltimore’s 235-acre waterfront industrial peninsula, and recently secured an investment commitment for the project from Goldman Sachs.
Plank revealed plans to redevelop the former railroad terminal in 2016, and requested $1.1 billion in federal, state and municipal government financing on the project. The American investment banking company committed this month $233 million to the total cost of the $5.5 billion project that will include offices, retailers, residences and parks upon completion. Sagamore, which was founded by Plank and Marc Weller, has raised $660 million in financing for the project to date.
With the new investment from Goldman Sachs, the investment bank is now a joint owner of the project and its development. Goldman Sachs showed its interest in the city of Baltimore recently by committing $10 million with Bloomberg Philanthropies to 10,000 Small Businesses in Baltimore.
“It was important to us to find an equity partner that shared our common vision for urban economic growth, job creation and local workforce development here in Baltimore City,” said Tom Geddes, CEO of Plank Industries. “Goldman Sachs Urban Investment Group, with its history of mission-driven and impactful investments in urban areas is the perfect partner and investor for Port Covington and Baltimore City as a whole. This is a significant step forward and delivers on a major promise by the Port Covington development team to bring outside private investment and commercial capital to Baltimore City.”
In addition, though Plank is CEO of Under Armour, the sportswear company is not involved in the joint venture between Sagamore and Goldman Sachs, but it does own 50 acres of Port Covington.
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