Core Insights - Under Armour's founder and CEO Kevin Plank, along with Goldman Sachs, is withdrawing from further development of the Baltimore Peninsula project, which has seen less than 10% of its planned 14 million square feet built [1][3][8] Group 1: Project Development - The Baltimore Peninsula, previously known as Port Covington, is a 235-acre mixed-use waterfront redevelopment project in South Baltimore [1] - Plank and Goldman Sachs will retain ownership of the current development but will exit the remaining underdeveloped portions of the project [3] - The decision to withdraw was influenced by a $66 million land loan that was due, leading to negotiations with Bank OZK to take over future development responsibilities [8] Group 2: Challenges and Market Conditions - The project has faced significant challenges due to high crime rates in Baltimore, which have contributed to a population exodus and hindered the project's traction [9][12] - The city has experienced a spike in violent crime following the 2015 riots, which has deterred potential investments and developments [11][12] - Under Armour's brand has struggled in the market, leading to a decline in stock value as the company attempts a turnaround [12] Group 3: Real Estate Strategy - Plank has been divesting real estate assets in the area, including an $18.5 million, 500-acre racehorse farm, Sagamore Farm [14] - The Baltimore Peninsula has been described as a "billion-dollar ghost town," reflecting the lack of progress and investment in the area [16]