Sagamore Ventures, Plank’s investment firm, will purchase the company, which operates boats making stops along the city’s waterfront. Sagamore also recently purchased land at Port Covington in South Baltimore, where Plank is planning a $5.5 billion mixed-use development that will include new Under Armour headquarters, other offices, shopping and residences.
Sagamore has plans for new 55-foot boats that will be developed by local company Maritime Applied Physics Corp. and will have WiFi, room for bikes and will be connected to Uber so users can track the boats’ schedule.
Additional water-taxi stops are being planned, including one at the Port Covington development. Plank talked to Footwear News earlier this year as he marked Under Armour’s 20th anniversary. He told FN that the Port Covington development will be an ideal place for his team to grow.
“Now, we’re able to move everybody into one building,” said Plank. “[And] we could also be a center of energy to attract other great brands and bring things to this side of the city, which was old industrial land, and turn it into something vibrant that’s a true live, work and play environment.”