Developers of the $5.5 billion, 250-acre Port Covington office-residential-and-retail project in South Baltimore have added another marina to the mix.
An affiliate of the partnership behind the project closed on a deal to acquire the 8 acres occupied by Tidewater Yacht Service, adjacent to the Sagamore Spirit distillery on E. Cromwell Street. The purchase price was $16 million.
“We continue to move forward with the development of Port Covington," said Marc Weller, founding partner of Weller Development Co., which is developing the property for Under Armour founder Kevin Plank’s Sagamore Development and New York investment bank Goldman Sachs’ Urban Investment Group.
“As planned, the Port Covington Development team purchased the property that housed Tidewater Yacht Service from Tidewater Holdings,” he said in a statement. "More information on how the parcel will be incorporated into the development will be forthcoming.”
Bob Brandon, president of Tidewater Yacht Service, posted on Facebook on June 25 that the marina and repair business would close and search for a new location. So far, he said officials hadn’t been able to find a suitable site in Baltimore and would widen their search.
CoStar, a real estate database, logs the sale as having closed in February and lists Weller Development as the owner. Marc Weller founded Sagamore with Plank, Under Armour’s chairman and CEO. Under Armour has put plans on hold to develop a new corporate headquarters in Port Covington, where the athletic apparel brand has an office building in a former Sam’s Club store.
The Baltimore Sun’s offices, newsroom and printing plant also are located in Port Covington. The first phase of new development is underway on unused land with hundreds of millions in subsidies from the city.