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Baltimore Business Journal
BBJ announces 2024 Women Who Mean Business honorees
The Baltimore Business Journal has named its 2024 Women Who Mean Business honorees, recognizing 15 women making an impact in the Greater Baltimore business community and beyond. <\p> The Baltimore Business Journal received more than 150 nominations for this year's awards, formerly known as the Enterprising Women of Excellence awards. The BBJ staff relied on nominations and our own coverage of the candidates to pick this year's class.<\p>
James Beard-nominated chef to open Harbor Point restaurant
A Baltimore chef who was a James Beard Award semifinalist this year is striking out on his own with a Spanish restaurant.<\p> David Zamudio, formerly the chef at Alma Cocina Latina in Station North, plans to debut Josefina at 1409 Point St. in Harbor Point this fall, the community’s developers Beatty Development and Armada Hoffler announced Wednesday. The Spanish casual dining restaurant replaces the short-lived Döner Brös, which opened at the beginning of 2023 and quietly closed after a few months.<\p>
Baltimore County bar property to hit auction block
A neighborhood bar and two rental units on the same property near Middle River will go to auction starting this weekend.<\p> An Essex property housing the Ventures Four bar at 2101 to 2105 Middleborough Road will be available in an online auction starting June 8 and ending June 13. Its owner wants to retire after years of running the neighborhood bar, according to Paul Cooper of Alex Cooper Auctioneers, which will conduct the sale.<\p>
Hunt Valley insurance, financial services firm acquired by NYC company
A Hunt Valley company that specializes in insurance and financial planning for medical professionals has been bought by a New York City firm that caters to high-net-worth clients.<\p> Martin/Wight & Company LLC was acquired by New York City-based Lenox Advisors Inc. about two months ago. Martin/Wight founding partners Brian Martin and Ted Wight have joined Lenox Advisors as partners, and the 17-person Hunt Valley team has joined the New York company as well. <\p>
Fortune 500: Here's where Baltimore-area companies rank
Only one Baltimore company made this year’s Fortune 500 list, but several other local corporations barely missed the cut.<\p> Constellation Energy Group (Nasdaq: CEG) was the only Greater Baltimore company to make the prestigious Fortune 500 list, earning the honor for the second year in a row. Constellation came in at No. 165, three spots lower than last year’s ranking. Three other local companies missed making the list by less than 100 spots, with McCormick & Co. Inc. coming in at No. 530, T. Rowe Price Group Inc. landing at No. 543 and Under Armour Inc. ranking at No. 577.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Chase to invest $8.45M in Baltimore housing, small businesses
JPMorgan Chase will invest more than $8 million in Baltimore nonprofits to help area small businesses and combat vacant housing.<\p> The bank, which is in the midst of expanding in the Baltimore region, announced the financial commitment at an event at the Center Club on Tuesday. Chase will commit $6 million toward reducing the number of vacant homes in Baltimore and another $2.5 million to organizations that support small business growth and the revitalization of commercial corridors. Tim Berry, Chase’s global head of corporate responsibility and chairman of the mid-Atlantic region, said the bank is in the process of “finding the best partners with the best ideas,” and that he expects an announcement about who gets funding to be made toward the end of the year.<\p>
Pickleball among first leases at new White Marsh industrial park
A mammoth new industrial complex in White Marsh has signed its first tenants — and one will bring 10 indoor pickleball courts to the mix.<\p> Merritt Properties has signed deals with Dill Dinkers, Restaurant Depot and Sensi Auto to join White Marsh Interchange Park at 10301 Philadelphia Road near Interstate 95 and Route 7. The leases total close to 91,000 square feet and come at the end of the first phase of development that saw three buildings go up, totaling about 236,000 square feet.<\p>
Baltimore university finds tenant for recently closed graduate center
Loyola University Maryland already has a tenant to fill a graduate school building it shut down last week, but the institution is still working with a real estate broker to determine the future of the Timonium facility.<\p> Baltimore County Public Schools plans to rent the entire Timonium Graduate Center 78,516-square-foot facility at 2034 Greenspring Drive once the private college moves. BCPS is renting the space as is, with only minor modifications to the mix of classrooms and offices that make up the building, school officials told the Baltimore Business Journal Tuesday. Loyola announced Monday it had shut down all academic programs at the site on May 31 but has not disclosed when it plans to fully move out. <\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
8 things to know: Bark Social breaks ground on Baltimore-area location
Good morning, Baltimore!<\p> Mondays (especially during the summer) are historically slow times for news, but yesterday was the exception. We had two big news stories (more on those below) break after 5 p.m. yesterday, and if you only receive our breaking news alerts through your email, you could be missing some great stories. <\p>
Why T. Rowe wants to grow its 529 plan offerings
T. Rowe Price Group Inc. plans to lean into technology to grow its education savings business at a time when 529 plans are becoming increasingly popular.<\p> Baltimore-based T. Rowe (Nasdaq: TROW) recently announced a partnership with Ascensus, the country's largest recordkeeper and third-party administrator for state-sponsored education plans, to help grow its 529 plan business. The partnership comes as the uses for 529 plans are expanding beyond college tuition and as new legislation makes it easier to repurpose unused funds. Phil Korenman, T. Rowe’s head of individual investors, said the company has wanted to expand its 529 plan business, and felt that the best way to do that was by adding better technology like mobile apps and websites, which Pennsylvania-based Ascensus already offers.<\p>
City terminates Poppleton redevelopment agreement
Baltimore housing officials have nixed a nearly two-decade-old agreement with New York developer La Cite to rebuild the Poppleton neighborhood in West Baltimore.<\p> Alice Kennedy, the city housing commissioner, on Monday sent a letter to La Cite founder Dan Bythewood declining a May 17 request to extend the deadline to finalize financing to build a seven-story, 165-unit senior housing tower at 231 N. Schroeder St. The decision to decline the extension request effectively put La Cite in default of its agreement with the city. <\p>
University shuts down Baltimore County center
Loyola University Maryland has shut down its Timonium Graduate Center with plans to start marketing the property this summer.<\p> The 78,516-square-foot facility at 2034 Greenspring Drive hosted classrooms and administrative space for Loyola’s graduate admissions, the School of Education and the Sellinger School of Business & Management before the school shut down all academic programs at the site on May 31. Classes at the facility will now occur on Loyola's main campus in North Baltimore as well as in space at Belvedere Square and downtown. The institution attributed the closure to expanding facilities at Loyola's main campus and the rise of hybrid work and online learning. <\p>
Under Armour releases collection with storied European fashion brand
Under Armour Inc. has launched a collaboration with a Spanish high-fashion company, and the prices of the clothes reflect the Baltimore sportswear maker's mission to become a more premium brand.<\p> Under Armour (NYSE: UAA) and Balenciaga debuted the new collection as part of the Spanish company’s Spring Runway show in Shanghai last week. There are now nine co-branded products available on Balenciaga’s website, including sweatshirts, shorts, shirts and socks. The clothes carry hefty price tags, with a pair of oversized shorts selling for $1,150 and a sweatshirt selling for $1,450. <\p>
Hot chicken chain opens first Maryland location
A Los Angeles chicken chain opened its first Maryland location this week, becoming the latest company to join the chicken craze in Greater Baltimore.<\p> Crimson Coward Nashville Hot Chicken debuted at 7090 Deepage Drive in Columbia on Monday. The Howard County restaurant comes as a franchise group looks to open three other Crimson Coward locations in Greater Baltimore this year.<\p>
8 things to know: State opens bids for Key Bridge rebuild contract
Good morning readers, and welcome to a new week.<\p> If you see groups of out-of-towners milling about Baltimore this week, don't be alarmed. The International Placemaking Week will be in town from Wednesday through Saturday bringing together leaders dedicated to building inclusive public spaces.<\p>
Former Daily Record building hits the market for $2.38M
Another chip off a major downtown block has hit the market.<\p> The former Daily Record Building at 11 E. Saratoga St. was listed for sale this week at $2.38 million. The four-story historic landmark was rebranded as the Lofts at the Daily Record after it was converted into a 20-unit luxury apartment complex in 2018. Prior to that, the building was home to the daily legal and business publication that was founded in the late 19th century.<\p>
Virginia pizza chain enters Maryland with Baltimore-area location
A Northern Virginia pizza chain will open its first Maryland location this summer as it eyes more expansion throughout the state. <\p> Pupatella Neapolitan Pizza plans to open a restaurant at 9160 Bendix Road in Columbia by early July. It will be the 11th location for the pizza chain, which started in 2007 and has several restaurants in Virginia and Washington, D.C.<\p>
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