BALTIMORE (Map, News) - At a time when the economy struggles with a severe housing downturn and a credit market crunch, Under Armour is expanding.

The Baltimore-based sports apparel company is planning to open new offices in a building now used as a warehouse in Locust Point not far from its headquarters in Tide Point.

Struever Bros. Eccles & Rouse has a contract to purchase the more than 7-acre property and plans $14 million in renovations if it can get zoning approval. Under Armour could add about 350 employees with the expansion.

Bob Rubenkonig, a spokesman for Struever, said Under Armour expects to sign a six-year lease for the space.

The company has had a great 2007 and appears poised for an even bigger 2008.

Under Armour posted record results in the third quarter this year, as net revenues increased 46 percent to $186.9 million and income increased 25 percent to $20 million.

And last month, the company opened its first full-line retail store, a 4,500-square-foot space at the Westfield Mall in Annapolis.

“They’ve been busting at the seams at Tide Point,” said Mike Evitts, spokesman for the Downtown Partnership of Baltimore. “It’s ideal for the company to expand so close to its headquarters.

“Under Armour is one of the strongest-growing companies in Baltimore, and I don’t think they’re showing any signs of slowing down,” Evitts added. “[Under Armour’s Chairman and CEO] Kevin Plank’s ties to Maryland and Baltimore are very strong.”

Under Armour currently employs about 450 people at its headquarters in Tide Point.

The Associated Press contributed to this report.

acannarsa@baltimoreexaminer.com