Kevin Plank

Goldman Sachs invests $233 million in Port Covington

Goldman Sachs invests $233 million in Port Covington

Goldman Sachs plans to invest $233 million to join Under Armour CEO Kevin Plank’s development firm in remaking Port Covington, becoming a joint owner of hundreds of acres along the Patapsco River slated to become a $5.5 billion mix of offices, housing, shops and restaurants.

The global investment banking company will join Plank’s Sagamore Development Co. in a joint venture that will own and develop a 235-acre waterfront parcel south of Interstate 95, Sagamore announced Wednesday. The site is next to 50 acres on which Baltimore-based Under Armour is building a new world headquarters.

Sagamore has secured $660 million in public financing for the project — the largest of its kind...