BALTIMORE (AP) — Officials say Goldman Sachs has agreed to provide $233 million in private equity funding to a waterfront redevelopment effort in south Baltimore led by a firm owned by Under Armour’s CEO.

Sagamore Development Company announced Thursday that the contribution to the Port Covington redevelopment effort is the largest single private equity investment made to date by Goldman’s Urban Investment Group.

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Mayor Catherine Pugh said the financing is good news for the project, as well as for the city and its workforce.

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Sagamore Development, Kevin Plank’s private real estate firm, is planning a $5.5 billion mixed-used development on 235 acres, with offices, homes, restaurants, green space, as well as a new campus for the sportswear company. The project has been described as one of the largest urban renewal efforts in America.

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