Scott Plank, Caves Valley Partners make joint pitch to redevelop Cross Street Market

Former Under Armour Inc. executive Scott Plank and Caves Valley Partners' Arsh Mirmiran are partnering on a plan to turn Cross Street Market in Federal Hill into one of the nation's top public markets.

The Baltimore Business Journal on Friday reported the city received an unsolicited offer from two developers to renovate and operate Cross Street Market, but city officials declined to identify them. After that report was published, Mirmiran told the Business Journal that Caves Valley is partnering with Plank and they will submit a formal proposal to the city once it issues a request for proposal.

Plank and Caves Valley separately approached the city about a possible redevelopment deal and later discovered they both had the same idea, Mirmiran said. Their pitch for redeveloping the market spurred city officials to prepare an RFP.

Plank, the brother of Under Armour CEO Kevin Plank, does business as War Horse LLC and is an investor in Belvedere Square. He recently completed a major revamp of the privately owned North Baltimore market and has also developed a market known as The Hall in San Francisco that features six pop-up food vendors. He also headed Under Armour's retail division before his 2012 retirement.

Plank and Caves Valley opted for a joint venture because Caves Valley Partners' expertise in South Baltimore and Plank's background in market development and retail was a strong combination, Mirmiran said. Both War Horse also have substantial real estate investments in South Baltimore,

"We think we're uniquely qualified given [Caves Valley Partners'] existing projects in South Baltimore, including Riverside Wharf and 1111 Light St. and given Scott's holdings," said Mirmiran, who is also leading Caves Valley Partners' $250 million Stadium Square project, which is just blocks away from Cross Street Market. "We think it's great the city is willing to take this on and we think we're going to create one of the premier neighborhood markets in the country."

Kevin Litten covers Commercial Real Estate and Economic Development