Baltimore officials reach deal on 'historic' development

Markets Associated Press

Baltimore officials have reached a deal with a firm owned by UnderArmour's CEO to develop a swath of south Baltimore industrial waterfront in a plan that promises to include affordable housing and local jobs.

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Kevin Plank's private real estate firm Sagamore Development plans the $5.5 billion development in Port Covington. Under his agreement with the city, a certain percentage of workers on the project will be city residents, while 20 percent of the project's housing will be for low-income tenants.

Sagamore unveiled the plans just eight months after looting and rioting broke out across the city following the death of Freddie Gray, a 25-year-old black man whose neck was broken in the back of a police transport wagon.

The City Council is expected to vote on the plan Monday.