Marina and boatyard in Port Covington now part of billion-dollar development

Developers of the $5.5 billion, 250-acre Port Covington office-residentialand-retail project in South Baltimore have added another marina to the mix.

An affiliate of the partnership behind the project closed on a deal to acquire the 8 acres occupied by Tidewater Yacht Service, adjacent to the Sagamore Spirit distillery on East Cromwell Street. The purchase price was $16 million.

“We continue to move forward with the development of Port Covington,” said Marc Weller, founding partner of Weller Development Co., which is developing the property for Under Armour founder Kevin Plank’s Sagamore Development and New York investment bank Goldman Sachs’ Urban Investment Group.

“As planned, the Port Covington Development team purchased the property that housed Tidewater Yacht Service from Tidewater Holdings,” he said in a statement. “More information on how the parcel will be incorporated into the development will be forthcoming.”

Bob Brandon, president of Tidewater Yacht Service, posted on Facebook on June 25 that the marina and repair business would close and search for a new location. So far, he said officials hadn’t been able to find a suitable site in Baltimore and would widen their search. “We expect to be able to announce more news by the end of this summer as to where we will end up, and our goal is to remain a marine service facility on the Chesapeake Bay,” Brandon wrote.

Sagamore Development acquired Baltimore Yacht Basin adjacent to the Hanover Street bridge in 2015.

CoStar, a real estate database, logs the sale as having closed in February and lists Weller Development as the owner. Marc Weller founded Sagamore with Plank, Under Armour’s chairman and CEO. Under Armour has put plans on hold to develop a new corporate headquarters in Port Covington, where the athletic apparel brand has an office building in a former Sam’s Club store.

The Baltimore Sun’s offices, newsroom and printing plant are in Port Covington. The first phase of new development is underway on unused land.