Baltimore’s ambitious $5.5 billion Peninsula project faces major uncertainty after Kevin Plank and his investment firm exit landmark development plans. The Under Armour CEO’s departure leaves the massive waterfront transformation in flux just as the city pins hopes on revitalizing its struggling economy.
🔥 Quick Facts
- Kevin Plank and Sagamore Ventures exit future development of the Peninsula project as of December 2025
- The $5.5 billion mixed-use development at Port Covington has only completed about one-tenth of its projected square footage
- Goldman Sachs also withdraws from future stages, with Bank OZK taking ownership of undeveloped land
- Hines, a Texas-based real estate firm, hired as asset manager for the already-developed portion
The Departure of a Vision Catalyst
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In mid-December 2025, Plank announced he would no longer participate in developing future phases of the Baltimore Peninsula project, a setback that signals troubling dynamics for one of the city’s most high-profile development initiatives. The Under Armour founder stated his focus must shift entirely to reviving his athletic apparel company’s struggling performance.
This exit represents a stark reversal for the developer who spearheaded the entire concept. Plank personally championed the vision of transforming the former industrial waterfront site into a mixed-use destination featuring residential, commercial, and entertainment spaces.
What’s Completed So Far and What Remains
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The Peninsula project was envisioned to span 18 million square feet of development on 2.5 miles of restored waterfront. However, reality has delivered far less progress than originally projected. According to reports, only approximately 1.1 million square feet of residential and commercial space has been completed as of early 2024.
That means the project sits at roughly one-tenth completion after years of development effort. The remaining undeveloped land—hundreds of acres still in its initial stages—now faces an uncertain future without Plank’s direct involvement and investment commitment.
| Metric | Status |
| Total Planned Project | 18 million square feet |
| Completed to Date | ~1.1 million square feet (10%) |
| Waterfront Restoration | 2.5 miles planned |
| New Ownership (Undeveloped) | Bank OZK (as of December 2025) |
A Cascade of Developer Departures
Plank’s exit is not isolated. Earlier in 2025, MAG Partners, the master developer brought in to lead the entire project, quietly exited in late October. That departure forced a complete restructuring of the development team.
Now with Plank and Goldman Sachs also stepping away from future phases, the project has cycled through leadership changes in rapid succession. The newly hired Hines will manage what’s already built, but the path forward for vacant land remains unclear as Bank OZK assumes ownership and decision-making authority.
Financial Realities and the Bank’s Role
The lender situation reveals the project’s financial stress. Bank OZK extended a $189 million loan on the completed first phase through 2028, providing a financial lifeline but also concentrating control in the hands of creditors rather than visionaries.
However, uncertainty clouds other financing arrangements. Plank indicated he remains open to some involvement with Bank OZK in future development discussions, though his primary energies will focus on rehabilitating Under Armour’s struggling market position and brand reputation.
What Happens to Baltimore’s Waterfront Dreams?
The Peninsula project’s trajectory raises major questions about Baltimore’s ability to execute transformational economic development. City officials have emphasized that the project was always meant to be a 25-year endeavor, and Plank’s departure does not necessarily doom it entirely.
Otis Rolley, president and CEO of the Baltimore Development Corporation, stated that Plank’s exit does not change the status of the completed work. The infrastructure, buildings, and public spaces already in place will continue generating activity and economic benefits.
Yet questions loom about whether new leadership can capture the momentum and vision that Plank originally pursued, or whether the project will languish in a holding pattern while Bank OZK and Hines determine the next strategic moves for hundreds of acres of prime waterfront real estate in one of America’s major cities.
Patrick Graham is a business and finance journalist translating Wall Street’s complexities into stories that matter to everyday readers. With extensive experience in financial journalism and economic analysis, this expert journalist provides sharp insights on market trends, corporate developments, and the economic forces affecting daily life. His reporting helps readers make sense of the business world’s biggest moves.