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Scott Plank, the CEO of real estate development firm War Horse LLC and a former exec with Under Armour, is returning to his roots with his latest proposal.
The University of Maryland graduate has proposed redeveloping two university-owned properties under long-term leases with the institution. UMD’s Board of Regents plans to consider the leases at its committee financing meeting on Thursday, the Washington Business Journal reports.
War Horse has its sights set on a 9k SF property at 4425 Paint Branch Pkwy, and a nearly 20k SF building at 7761 Greenhouse Rd. For the Paint Branch site, War Horse would invest about $6M to remake the former auto maintenance facility into an arts and entertainment venue, adding new construction adjacent to the property. Over at Greenhouse, the company would spend roughly $4M to convert the existing building into co-working space.
For both properties, War Horse would have lease terms in place for a base rent of $1 per year for the next 15 years, with UMD entitled to a portion of the project’s net operating income, subject to certain conditions. Plank left Under Armour, which is headed by his brother and fellow UMD alum Kevin Plank, about three years ago to start War Horse, which has offices in Baltimore and San Francisco. [WBJ]
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