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Baltimore Business Journal
D.C.-area baker, chef join forces on upcoming Fells Point restaurant
A chef and a baker from the Washington, D.C., area are joining forces to open a new restaurant in Fells Point. <\p> Catherine Cotay of the Baker’s Lounge in D.C. and Chef Christopher Eley plan to open The Collab at 616 S. Broadway by early August. The restaurant will focus on Afro-Caribbean fusion dishes influenced by the two owners' backgrounds — one as a DMV chef and another as a British baker.<\p>
Baltimore university to break ground on $38.5M residence hall
Coppin State University plans to embark on a building boom to house hundreds of additional students in West Baltimore.<\p> The historically Black university plans to break ground on a 109,049-square-foot freshman residence hall in late July or early August to add 350 beds to the campus. The $38.5 million project is part of a planned increase of on-campus housing to combat an existing shortage and prepare the infrastructure necessary for President Anthony Jenkins' initiative to require all freshmen and sophomores to live on campus in an effort to boost retention. <\p>
T. Rowe makes its presence felt at Camden Yards (PHOTOS)
The T. Rowe Price era at Oriole Park at Camden Yards has begun.<\p> CEO Rob Sharps threw out the first pitch at Tuesday night's game with the logo of the Baltimore-based money manager on his jersey sleeve. Behind him, a T. Rowe sign in the company's signature light blue adorned the outfield wall. In the stands, the 24,048 fans who came out to watch the Orioles take on the Atlanta Braves waved T. Rowe-branded rally towels. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Company rejects MCB Real Estate's $700M takeover offer
MCB Real Estate's attempt to acquire a retail-focused real estate investment trust in a deal valued at about $700 million was rejected this week. <\p> The Baltimore developer last week made an offer to acquire Houston-based Whitestone REIT (NYSE: WSR) in an all-cash deal that values the Houston firm at $14 a share, a roughly 7% premium over the stock's closing price of $13.06 on June 3. The board of Whitestone rejected MCB's offer on Monday, saying the potential deal "does not represent a fair valuation" of the company. <\p>
Under Armour partners with USA Football ahead of Olympic debut
Some of the NFL’s biggest stars will be wearing Under Armour as they try to win the first-ever Olympic flag football gold medal.<\p> Under Armour Inc. (NYSE: UAA) will be the official uniform, apparel and footwear partner of USA Football through the 2028 Summer Olympics. The partnership will see the Baltimore-based sportswear maker outfit the U.S. National Team when the team participates in the first Olympic flag football event at the 2028 Olympics in Los Angeles. Some NFL stars have already expressed interest in participating. The partnership is the latest flag football initiative for Under Armour, which currently works with more than 100,000 flag football players across the country.<\p>
Five Howard County private schools bought by Florida company
A portfolio of five Howard County private schools has been acquired by a Florida private education company.<\p> The Columbia Academy was purchased by Miami-based Endeavor Schools, which owns more than 100 schools across the country, including two Montessori Schools in Baltimore. The Columbia Academy portfolio includes preschools in Ellicott City, Fulton and two in Columbia, plus a K–8 elementary and middle school in Columbia. The deal was announced June 5 by HINGE Early Education Advisors, a South Carolina company that led the transaction. The terms of the deal were not disclosed.<\p>
8 things to know: Medical exec named Loyola business leader of year
Good morning readers. Welcome to Tuesday.<\p> Apple has done it again. Just when the nay-sayers thought Silicon Valley's brightest minds were out of innovative ideas, the company put its full genius on display: the iPad is getting a calculator app.<\p>
Ellicott City senior living community plans $78M expansion
A senior living community in Ellicott City is launching a major expansion with over 100,000 square feet of new construction.<\p> The multi-part project will add three new buildings to Lutheran Village at Miller's Grant and renovate its health care facility. Lutheran Social Ministries of Maryland CEO Jeff Branch said the changes will make the community more appealing to younger seniors and help the facility keep pace with customers who are demanding more luxury amenities from senior living communities. The contractor for the $78 million expansion, Columbia-based Harkins Builders, expects the project to be done in 2026.<\p>
Buying vs. renting: Here's how you'll fare in Baltimore
It’s still cheaper to buy a home than to rent in Baltimore City. <\p> Baltimore ranks as the fourth most affordable city for homebuyers among large U.S. cities with over 350,000 residents, according to a report by Construction Coverage, with a median home price of $177,573. This ranking includes data from the online real estate firm Zillow, the U.S. Census Bureau and Freddie Mac’s mortgage market survey.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Kevin Plank's CEO compensation hinges on Under Armour's stock price
Under Armour is placing a $25 million bet on Kevin Plank.<\p> The Baltimore company's CEO has four years to double Under Armour’s stock price, and if he can do that, he will earn more than $25 million in stock compensation. Plank, who recently returned to the company’s top job, had his new compensation plan outlined in a Securities and Exchange Commission filing that details the company's financial aspirations.<\p>
MCB Real Estate adds to C-suite amid company expansion
MCB Real Estate has added another name to its C-suite.<\p> Jared Stile has joined the Baltimore developer as chief financial officer, MCB announced Monday. The move comes months after the firm hired Gina Baker Chambers as its first president to help steer MCB's expansion in the state, region and across the U.S. <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Prominent Federal Hill retail space goes up for lease
A prominent Federal Hill retail space that most recently held a gallery is available for a new tenant.<\p> The first-floor retail area at 1125 Light St., which formerly housed Pink Art Gallery, was listed for lease on June 1, according to Annapolis-based Hyatt Commercial. The Federal Hill retail spot is listed as a move-in-ready space and has several potential uses.<\p>
Orioles sign Baltimore company to jersey patch sponsorship
Baltimore’s favorite orange and black jerseys are getting a little T. Rowe Price blue.<\p> T. Rowe Price Group Inc. (Nasdaq: TROW) beat out more than 50 companies vying for the chance and will put its redesigned logo — mascot Trusty the Ram — on the team's jerseys. The Baltimore investment firm will be the Orioles' first jersey patch sponsor and is the 20th company across Major League Baseball to secure the sponsorship since it was created two years ago. The jersey patch will debut for Tuesday's home game against the Atlanta Braves. <\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
8 things to know: Full channel to reopen; Artscape headliners set
Good morning readers, and welcome to a new week.<\p> The Olympics are coming up, and that means qualifiers are beginning. The U.S. Olympic Trials for American swimmers will run from June 15–23 in Indianapolis and will be the first to ever be held in an NFL stadium. <\p>
Annapolis shoe company aims to triple revenue with new products
An Annapolis shoe company that launched last year plans to triple its revenue this year with the release of three new shoes.<\p> Made Plus Inc., a company started by former Under Armour and Nike employees, will release the second version of its flagship shoe, the Skiff, later this week. The company released its first shoe almost exactly a year ago, and has done $130,000 in sales since. Made Plus also wants to release a running shoe and a pickleball-specific shoe that CEO Alan Guyan said fit well with the company’s goal of being an active lifestyle brand centered around the nautical community. To help sell these new shoes, the company plans to increase its marketing spend and recently purchased a box truck that has been converted into a mobile store.<\p>
Columbia private school buys Bowie property for $2.3M, plans expansion
A Columbia private school has purchased a 30-acre property in Bowie as part of an expansion that includes adding a high school. <\p> The Mandala School in Columbia purchased the former Bowie Montessori Children’s House at 5004 Randonstone Lane for $2.3 million in late April and plans to move its operations there this fall. Co-founder Antoinette Murray said the extra space will give the nonprofit the chance to grow through adult education and a partnership with Bowie State University, in addition to expanding beyond K-8 education. The move is financed by a loan from Lendistry, a national financial firm that recently established a Baltimore office and is chaired by MCB Real Estate CEO P. David Bramble. <\p>
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