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Baltimore Business Journal
Local exec named state bankers association chair ahead of merger
Bank of America executive Janet Currie has been tapped to chair the Maryland Bankers Association just in time to lead its merger with a neighboring group.<\p> The Maryland Bankers Association is expected to complete its merger with the Virginia Bankers Association by month's end after forming a holding company that will oversee the merged entity. <\p>
University, local firm partner to increase minority business contracts
The University of Maryland, Baltimore has partnered with a Baltimore firm as part of an effort to increase the number of contracts it has with local and minority-owned businesses.<\p> The partnership with Sweet Enterprises aims to simplify the procurement process and increase UMB’s contracts with Baltimore’s diverse business community. Sweeten will integrate its database of companies, including local, small, minority and women-owned businesses, into UMB’s Quantum Financial System, which is used to search for companies for procurements. <\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Maryland to award 31 more cannabis business licenses
The Maryland Cannabis Administration plans to conduct another lottery on June 28 to award 31 new opportunities to start a cannabis business in the state. <\p> The lottery will award dispensary licenses that were stalled because of litigation in Talbot and Calvert counties, along with any other licenses that have not yet been awarded as part of a social-equity-focused round that began earlier this year. The state gave out 174 licenses in a lottery on March 14, just shy of the 210 total dispensary, grower and processor licenses that MCA can give out according to state law. <\p>
Fells Point restaurateur temporarily shuts businesses, citing crime
The owner of Fells Point's Duck Duck Goose, Anchor Tavern and Osteria Pirata says he's closing the three restaurants indefinitely because recent violence in the neighborhood has kept diners away — and has made his staff fear for their lives.<\p> Chef Ashish Alfred said he doesn't know when he will reopen the restaurants and that he's more worried about the safety of his diners and staff than keeping his businesses afloat. He said revenue is down dramatically this year because patrons are too fearful to come to his fine-dining restaurants in Fells Point. He said the costs associated with running a fine-dining restaurant are much higher than other businesses. <\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Cool Digs: Engineering firm brings open design to McHenry Row
Cool Digs features new and recently renovated offices and workplaces across Greater Baltimore. Think your company is a fit? Email jilardi@bizjournals.com to apply.<\p> Marianne Crampton had just one coworker when she founded MK Consulting Engineers in 2013, and the now-26-person company needs a bit more space.<\p>
Canadian fries chain eyes expansion to Baltimore
A Canadian fries chain known for its poutine and other toppings is looking to expand in the U.S., including in Greater Baltimore.<\p> New York Fries plans to open Baltimore-area locations with the help of franchisees, though no deals have been secured yet, said Dave Colebrook, president of quick service restaurants and emerging brands for Recipe Unlimited Corp, the chain’s parent company. The chain is looking for smaller spots for its stores, particularly locations in shopping malls.<\p>
Two of Baltimore area's largest banks to close branches
Two of the largest banks in Greater Baltimore are closing branches in Anne Arundel County.<\p> Shore United Bank, the 10th largest bank by local deposits, plans to close a branch located in Annapolis after the summer. Bank of America, the largest bank in Greater Baltimore, will close a branch near Baltimore Washington International Thurgood Marshall Airport (BWI). The closures continue a trend of banks shuttering branches in Greater Baltimore, which has hurt some Anne Arundel County communities.<\p>
Baltimore investment firm names first new CFO in 27 years
Brown Advisory has a new chief financial officer for the first time in 27 years.<\p> The Baltimore-based investment firm promoted longtime employee Shannon Pierce to be its new CFO. Pierce takes over for Dave Churchill, who had held the role since 1997. This is the second time in two years that Churchill has relinquished a C-suite position. Churchill was also the company’s chief operating officer from 2013 to 2023. Churchill will stay with the company as vice chair and senior adviser. In a release Friday, Michael Hankin, Brown Advisory’s CEO, said Churchill was instrumental in building the firm over the past three decades.<\p>
Station North night club, retail buildings auction rescheduled
An auction of Station North buildings containing a longtime nightclub and a former barbershop has been postponed to next month.<\p> The buildings at 1813, 1815 and 1817 N. Charles St., which house Trip’s Place and Gatsby’s, and a building at 1819 N. Charles St. were originally scheduled for an auction concluding on June 12. The online and onsite auction will now take place starting July 23 and ending July 24, according to A.J. Billig Auctioneers, which will conduct the sales.<\p>
UMd., Under Armour extend sponsorship with $98M deal
Under Armour Inc. will continue to sponsor the University of Maryland for the next 12 years under a new deal worth nearly $100 million.<\p> The University System of Maryland Board of Regents approved the agreement between Under Armour and the University of Maryland College Park on Friday morning. As part of the deal, Under Armour will pay the university $98 million in cash and products, which is almost double the value of the previous deal. Under Armour was able to retain Maryland as other power conference colleges like Texas Tech University and Auburn University have left the Baltimore sportswear maker for Adidas and Nike, respectively.<\p>
Annapolis company raises $18M to replace VPNs
An Annapolis startup that provides an alternative to a common internet security technology has raised an $18 million funding round. <\p> Xona has built software that provides a more secure substitute for the virtual private network, or VPN. Security concerns around VPNs have increased the appetite for new products, CEO Bill Moore said, creating a strong growth opportunity for Xona. The company plans to use the new investment to move beyond its core business of enabling businesses to remotely control parts of a factory or power plant toward solving more data-centric computer problems. <\p>
60 apartments, public park planned in Remington
A 60-unit apartment project will replace a longtime 7-Eleven store in Remington as part of a plan to add to the popular Remington Row development. <\p> A "conceptual sketch" of the six-story building was presented to a city design panel on Thursday by a partnership of Seawall Development and Charm City Buyers. A new public park will also be developed near the building, which is located across the street from Seawall's 108-unit Remington Row and a few blocks away from the R. House food hall. <\p>
Baltimore County bar property sells for $535K at auction
A property housing a neighborhood bar and two rental units in Baltimore County sold for hundreds of thousands of dollars at auction this week.<\p> The Ventures Four bar and property at 2101 to 2105 Middleborough Road in Essex fetched $535,300 during an online auction ending Thursday, according to Alex Cooper Auctioneers, which conducted the sale in cooperation with Lou Gill of BCV Commercial Realty. Opening bids for the property started at $300,000 and a $15,000 deposit was required.<\p>
8 things to know: Orioles sell out Camden Yards for Phillies matchup
Good morning and TGIF! <\p> The Baltimore area is going to be buzzing this weekend. There are lots of Fleet Week activities on the city and county waterfront, the Orioles take on the Phillies at Oriole Park at Camden Yards and of course, it's Father's Day weekend. Enjoy the crab feasts and barbecues and make sure you celebrate the special father or father-figure in your life.<\p>
Hospital workers vote to create state's first residents union
Doctors in training at the University of Maryland Medical Center overwhelmingly voted to unionize this week, joining a wave of organizing across the health care sector in Maryland. <\p> UMMC residents and fellows voted 628 to 19 to unionize with the American Federation of Teachers-Maryland, the union said Thursday night. Workers hope to make salaries at the downtown Baltimore hospital more competitive with other institutions and establish new ancillary benefits, like meal stipends. Around 900 workers will be subject to the agreement. <\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
D.C. restaurateurs to bring two concepts to downtown building
A Jamaican restaurant from Washington, D.C., is ready to expand to Baltimore — again.<\p> The restaurateurs behind Jerk At Nite, which previously had a location near Rosemont, plan to take over the 6,000-square-foot building that once held gastropub Alewife next month. The original Jamaican concept from Denville Myrie and Kadeem Todd will occupy the street-level space while an upscale New American restaurant called The Nest will take over the third floor. The fine dining restaurant will also have a small room off the main dining area dedicated to a 10-course chef's tasting experience and will open a few weeks after Jerk at Nite debuts. <\p>
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