Kevin Plank, Goldman Sachs Exit Any Further Development Of Billion-Dollar Ghost Town

Under Armour founder and CEO Kevin Plank, along with Goldman Sachs, is stepping away from further development of Baltimore Peninsula, formerly known as Port Covington, a 235-acre mixed-use waterfront redevelopment project in South Baltimore. Originally pitched as a 14-million-square-foot mini-city anchored by a new UA headquarters, a new report says less than 10% of the planned project has been built.

Representatives for Plank’s real estate development company, Sagamore Ventures, and its equity partner, Goldman Sachs, told the local paper, The Baltimore Banner, that they will remain owners of the current Baltimore Peninsula development but will exit the rest of the project, much of which remains underdeveloped.

“Baltimore Peninsula is becoming a dynamic, connected community that adds real momentum to South Baltimore and serves as a source of pride for Under Armour and the city,” Plank told the outlet.

The UA CEO said he wants to “remain focused on leading UA’s comeback” and will let others “take the lead in carrying forward the next chapters of Baltimore Peninsula’s development.”

Kevin Plank exiting future development at Baltimore Peninsula.

Read more: https://t.co/aXJy5c0JOc pic.twitter.com/KyIKi9ICtx

— The Baltimore Banner (@BaltimoreBanner) December 18, 2025

The decision to withdraw from the rest of the project apparently hinged on a $66 million land loan that came due this past fall. Instead of paying the full amount, Plank and Goldman negotiated with Bank OZK, which would take over the project and be responsible for future development.

Plank and UA made massive bets on the mini-city, situated in the heart of crime-ridden Baltimore City, a metro area that has experienced one of the largest population exoduses in generations…

Much of the exodus has been driven by disastrous one-party Democratic rule, particularly failed social and criminal justice reforms. The result was a spike in violent crime after the 2015 riots, and people either fled the struggling state or moved to surrounding counties.

Perhaps one direct consequence of the failures at City Hall is that crime and chaos hindered Plank’s mini-city from ever gaining traction. After all, the city once pitched Amazon on moving its second headquarters to the metro area, but seriously, why would any rational management team put white-collar workers in harm’s way when parts of Baltimore still resemble war zones?

But it wasn’t just Baltimore City’s horrendous leadership of Democratic kings… The UA brand has lost traction with consumers, and its stock has imploded as the company works on a turnaround plan.

Meanwhile, Plank has been offloading real estate assets in the area, or at least attempting to, such as an $18.5 million, 500-acre racehorse farm, Sagamore Farm, just north of the city.

The reason Plank and Goldman are likely stepping away from further development of the mini-city is simple: it has been called a “billion-dollar ghost town.”