Under Armour’s Slam-Dunk Deal
“It’s been a lucrative couple of years for Kevin Plank, CEO of Under Armour, the country’s second-largest maker of sports apparel. His company’s revenue has grown by more than 20 percent for 24 consecutive quarters, and its savvy sponsorship deals—with NBA MVP Steph Curry, pro golfer Jordan Spieth, and ballet dancer Misty Copeland—have turned the brand into a powerhouse that now can plausibly be mentioned in the same breath as Nike and Adidas. Under Armour’s expansion into health and fitness technology has even placed it in competition with the likes of Apple and Google.
Just as ambitious are Plank’s efforts in Baltimore, where Under Armour’s headquarters have been stationed since 1998. As part of an effort to grow the company’s HQ staff—from its current headcount of about 2,000 employees to 10,000—Plank is seeking to redevelop some 260 acres of mostly empty industrial land on the south Baltimore peninsula. In addition to a new Under Armour headquarters, Plank hopes to create what would amount to an entire new waterfront neighborhood, complete with shopping, dining, office space, parks, and nearly 14,000 residential units. It’s a real estate development project that could transform the city.
The area Plank has his eyes on, known as Port Covington, has been an underused eyesore for decades. But while many in Baltimore’s political class are cheering the project’s potential to create new jobs and stimulate the local economy, there’s good reason to worry that if the plan goes forward, it could end up leaving the city’s most vulnerable residents worse off than they already are, all while saddling the city with risk it can’t afford.”
Cohen, Rachel. Slate 20 June 2016.