Baltimore, MD – Kevin Plank is known by many in the area as being the founder of Under Armour, one of the largest sports outfitters and retailers in the world. What many might not know is that he also owns a property development company, Sagamore, which is aiming to start a new development project for Baltimore’s Port Covington neighborhood. If you’ve been watching a lot of television lately, though, you probably already knew that.
According to WBAL-TV, Plank and his real estate development company have a TV ad campaign that started running last weekend. The ad features local business owners and city residents touting the benefits and potential the proposed project would have on the area.
Plank’s vision is to turn the approximately 266 acres of waterfront property into a mixed-use development that he believes will “fuel economic growth, bring thousands of jobs to Baltimore City.” Not a far-fetched idea by any means when you consider investment sales for commercial properties rose about 11% year-over-year in the first quarter of 2015.
Property development can be a great way to turn otherwise unused land into an economic stimulus, but it also typically carries a hefty price tag that companies will try and displace on residents and taxpayers.
One of the arguments opponents of Plank’s latest business venture are making is that the ad campaign is just a way to soften the blow when he eventually asks for the taxpayers to subsidize the project. The Baltimore Sun has reported that the company has asked the city for $535 million to help finance the project.
“People will obviously ask the question, ‘Why not revive acres and acres and acres of abandoned property across the city? In east and west Baltimore particularly,'” said City Councilman Carl Stokes, who is also running for mayor.
Plank, who was not featured on the ad itself, has only really commented on the matter through Sagamore. The company released the following statement as to why they started running the ad.
“We are committed to clear, transparent communication with the entire city about what’s coming to Port Covington. We’re excited to be a part of building something great in this city and proud that Baltimore is home to one of the largest urban renewal projects in America right now. We want everyone to be a part of this and we are committed to building it together.”