Baltimore — Goldman Sachs has committed $233 million to the Port Covington redevelopment project in Baltimore.
This is the largest single private equity investment made by the firm’s Urban Investment Group (UIG) to date, according to a Port Covington news release. Port Covington is a 235-acre mixed-use redevelopment located on Baltimore’s waterfront adjacent to I-95. At completion, the 25-year project will include up to 18 million square feet of retail, entertainment, office, hotel and residential space. In addition, the project will encompass 2.5 miles of restored waterfront and 40 acres of parks and green space.
Sagamore Development Co. and the UIG have entered into an agreement to jointly own the project and develop the infrastructure in Port Covington. Marc Weller of Sagamore Development will lead the infrastructure development team.
The joint venture will own and develop the land in Port Covington that is adjacent to the campus of the future global headquarters of Under Armour. The footwear and sports apparel company owns 50 acres of Port Covington land, and is not involved in this transaction. Other businesses with land parcels in Port Covington that are not part of the joint undertaking include City Garage, Nick’s Fish House, Sagamore Spirit Distillery and Rye Street Tavern.
Established in 2001, the UIG is a business unit within the Goldman Sachs Consumer and Commercial Banking Division. The UIG deploys Goldman Sachs’ capital by making investments and loans that benefit urban communities in the United States. To date, the unit has committed approximately $6 billion to various projects.
— Kristin Hiller