Kevin Plank is done developing Baltimore Peninsula.

A decade ago, Plank, the founder and CEO of Under Armour, pitched a sprawling mini-city on the fallow industrial waterfront of the South Baltimore neighborhood formerly known as Port Covington. It would create about 14 million square feet of new development, including a new home for his sports apparel company, near a major interstate highway.

Now, with less than one-tenth of the square footage built, he’s moving on.

Representatives for Plank’s development company, Sagamore Ventures, and Sagamore’s equity partner, the investment bank Goldman Sachs, said Wednesday that they will remain owners of what has become Baltimore Peninsula.

But they said their joint venture is set to exit the rest of the project, which is largely undeveloped.

“Baltimore Peninsula is becoming a dynamic, connected community that adds real momentum to South Baltimore and serves as a source of pride for Under Armour and the city,” Plank said in a statement.

He said he wants to “remain focused on leading UA’s comeback” and will let others “take the lead in carrying forward the next chapters of Baltimore Peninsula’s development.”

The decision comes as a $66 million land loan underpinning the development came due this fall.

Rather than pay the full amount, Sagamore and Goldman Sachs are negotiating with Bank OZK to hand off future phases of the project and turn over the undeveloped property to the Arkansas-based bank. It would likely be Bank OZK’s responsibility to find investors and developers to complete any future phases or sell the land to new stewards.

Bank OZK did not immediately respond to a request for comment.

Hines, a Houston-based commercial asset manager, will take over day-to-day operations of the existing development, which consists of five buildings, a mix of residential, retail and office space and an extended-stay hotel.

While the project has secured a series of high-profile tenants, including CFG Bank, and has almost fully leased out its residential buildings, much of the retail and office space remains empty, according to public financial documents.

And since May, court records show Baltimore Peninsula has filed about 125 failure-to-pay cases against 51 tenants, the first step in the eviction process. A Sagamore spokesperson said the number of actual evictions has been far lower.

Under Plank’s original concept, the new neighborhood would be anchored by 10,000 Under Armour employees working across a series of skyscrapers and buildings. The company’s fortunes plunged, and last year its headquarters opened with 1,500 employees in a 275,000-square-foot building.

It’s unclear how much money Plank has invested in the overall Baltimore Peninsula project. A spokesman for Sagamore declined to say.

Public records show that as of December 2020, the joint venture behind phase one had committed more than $222 million in equity to the project — most of it from Goldman Sachs.

The other major source of financing came from Bank OZK, a regional bank known for making large construction loans for projects nationwide. Bank OZK lent more than $200 million in loans, which includes that $66 million land loan.

The bank recently disclosed that it had changed the status of that loan to “substandard non-accrual,” meaning it’s underperforming and the bank is preparing to take a loss. The bank has not responded to requests for comment, but it said in filings that it wanted to keep working with Baltimore Peninsula “to achieve the project’s full potential.”

In 2016, Baltimore approved an unprecedented $660 million tax-increment financing bond, or TIF bond, to support Plank’s South Baltimore plans.

Under that structure, the city borrows the money on behalf of the development’s infrastructure — roads and sewers, for example — and then repays the debt with future property taxes.

The city issued $137 million in development bonds to support phase one.

According to a spokesperson for Sagamore Ventures, nearly 100 acres can still be developed — and be eligible for what remains of the TIF bond package.

Future draws would require approval from the city’s spending board, which is controlled by the mayor.

The news that Plank wants to step back from Baltimore Peninsula is the latest example of the entrepreneur cutting back from ventures outside Under Armour and liquidating his assets.

This fall, he sold the luxury Pendry Baltimore hotel in Fells Point for a loss. The cost to acquire and construct the hotel was about $60 million, The Baltimore Sun reported in 2017, or about $80 million adjusted for inflation. Plank sold the hotel for $48 million.

Earlier this year, he listed his Reisterstown horse farm for sale at $22 million, then dropped the price to $18.5 million. More recently, representatives for Plank tried to convince the state of Maryland to buy it as a horse training ground.

Since 2022, daily operations and leasing at Baltimore Peninsula had been managed by the New York-based MAG Partners, the head of which had experience with large-scale development projects such as Barclays Center and The New York Times Building.

In October, MAG Partners said it would part ways with Baltimore Peninsula at the end of this year and credited Plank for his “big dreaming and steadfast faith in Baltimore.”

This article has been updated to correct the number of eviction cases filed against tenants at Baltimore Peninsula.