Under Armour'S Urban Revitalization Project Received Huge Financing.

According to the world clothing shoes and hats net, the United States

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CEO Kevin Plank recently completed a huge amount of financing, but not to Under Armour

The company or other sportswear projects, but a joint urban development project of Sagamore Development Company, is designed to build Port Covington Covington, a 235 acre coastal industrial Peninsula located at the headquarters of Under Armour, Baltimore (Baltimore). In September 14th, the project successfully obtained the $233 million investment of Urban Sachs of Goldman Sachs group (Goldman Sachs).

The total investment of the reconstruction project is expected to reach US $5 billion 500 million, including the construction of offices, shopping malls, residential buildings and parks.

So far, Sagamore Development Company, co founded by Kevin Plank and Marc Weller, has raised $660 million for the project.

After the investment is completed, Goldman Sachs Group will become the common owner of this project and its subsequent development.

Goldman Sachs has worked with Bloomberg Philanthropies to provide a total of $10 million in support to 1000 small businesses in Baltimore.

"We must find a suitable partner to help develop the economy of bartimo, create jobs and develop local labor force," said CEO Tom Geddes, a Plank Industries company under Kevin Plank.

This cooperation with Goldman Sachs is an important step forward and has fulfilled the promise of Port Covington development team to bring private investment and business capital to Baltimore.

"The partnership with Sagamore Development Company will bring new employment opportunities and community assets to bartimo residents through careful planning and modern infrastructure," said Margaret Anadu, managing director of Goldman Sachs Group and Urban Investment Group.

In addition to obtaining investments from Goldman Sachs' Urban Investment Group, the Port Covington development team has also reached a comprehensive community welfare agreement with the city and surrounding communities, including promising to recruit local workers, provide housing and education projects, and university scholarships.

In addition, although Kevin Plank is CEO of Under Armour, Under Armour is not involved in the joint venture between Sagamore Development Company and Goldman Sachs (Goldman).

However, Under Armour does have 500 thousand acres of land in Port Convinton.

The team that will carry out infrastructure construction in Port Covington will continue to be led by Marc Weller, who has been leading the development team of Port Covington since its establishment.

Marc Weller is a senior real estate executive with over 20 years of experience in developing and building residential, commercial and mixed use real estate projects.

Port Covington is a large comprehensive reconstruction project covering 235 acres, located in the golden section of Baltimore beach.

As one of the largest urban renewal projects in the United States, the reconstruction of Port Covington will have a profound positive impact on the economy and future development of Baltimore.

The duration of the project is expected to be 25 years. After completion, Baltimore will have an area of 1800 million square feet for development, 2.5 miles of repaired coastline and 40 acres of green space and parks.

The reconstruction of Port Covington is expected to bring thousands of new employment opportunities to local residents and labor force, and provide new space for manufacturing industry to create more opportunities for innovation and entrepreneurship.

In addition, Port Covington is adjacent to the I- 95 highway. 42 million cars pass through the site each year, providing convenient pportation for the labor force, residents and tourists in the area.

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