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Baltimore Business Journal
Permanent channel reopens for Port of Baltimore ship traffic
A partial channel will reopen to full-time ship traffic for the Port of Baltimore exactly eight weeks after the collapse of the Francis Scott Key Bridge, state and federal officials announced Tuesday morning.<\p> A 400-foot-wide, 50-foot-deep channel will reopen later Tuesday for "24/7" operations, clearing a permanent path to the Port of Baltimore, Rear Admiral Shannon Gilreath of the U.S. Coast Guard said at a press conference in Dundalk. The Dali container ship that struck the Key Bridge was successfully removed to a pier at the port on Monday, leaving only the remaining bridge debris to be cleared from the Fort McHenry Channel in the Patapsco River. The cleanup of the remaining debris will continue, but Gov. Wes Moore touted the speed of the cleanup as life returns to the port.<\p>
8 things to know: Under Armour exec hired by beauty products company
Good morning readers. It is Bluesday.<\p> The Dali container ship was removed from the middle of the Patapsco River yesterday and shuttled to the Seagirt Marine Terminal, 55 days after the initial disaster.<\p>
30-unit apartment, retail complex planned for Harford County suburb
A 30-unit apartment hub with retail and office space will be the latest residential addition to Bel Air as the small Harford County town looks to spark a revitalization after years of stagnation.<\p> Plans for The Standard on Bond were approved in April by the town's planning commission, and the project could break ground by October near Bel Air's Main Street. The five-story, modern tower at 128 N. Bond St. was designed by Baltimore-based Curry Architects and will replace a church that is moving to Forest Hill. <\p>
Massachusetts drone company sets up Baltimore office
A Massachusetts company has set up an office in Baltimore County to showcase its unmanned drones. <\p> American Robotics is leasing part of an office building at 936 Ridgebrook Road in Sparks. A patch of dirt behind the office will be transformed into a demonstration ground to fly unmanned aircraft. The company is hosting live demonstrations at the space during a grand opening event on June 12 and June 13. The firm moved into the location in January and has around 12 employees in the area. <\p>
Pickleball courts to take over former Bed Bath & Beyond space
Score another point for fast-growing pickleball.<\p> A health and fitness club is expanding at Annapolis Towne Center, with plans to convert a former Bed Bath & Beyond store into an 11-court pickleball hub and lounge by year's end. <\p>
Baltimore has less than half of normal housing inventory, data shows
Baltimore's housing supply is still at less than half the normal level even as other markets across the country have seen their listings grow. <\p> According to new data from residential real estate brokerage firm Redfin, the Baltimore metro had just 1.6 months of housing supply on hand in April, or less than half of the typical four or five months of inventory markets had on hand before the pandemic. The shortage has meant higher prices and quicker sales: Baltimore's median home price rose to $376,000 in April, up 4.4% from April of last year, and the typical house spent just 21 days on the market, the same amount of days as one year ago.<\p>
National chain with five Baltimore-area locations files for bankruptcy
National restaurant chain Red Lobster Management LLC, and its related subsidiaries, announced late Sunday that it has voluntarily filed for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the Middle District of Florida.<\p> The news came via an 11:34 p.m. release distributed by the company. Orlando-based Red Lobster said the filing is part of a reorganization to maintain the business as a going concern so it can sell to a buyer. The company added it plans to remain open and operate as usual during the reorganization process. <\p>
Company behind Preakness winner eyes expansion to other sports
The company behind the horse that won the Preakness Stakes was on millions of televisions this weekend, and its CEO said he wants to harness that attention and expand into other sports.<\p> MyRacehorse, which offers investors a chance to buy a share of top racehorses, plans to expand into NASCAR, Formula One and even team sports like soccer. The move comes after Seize the Grey beat out Kentucky Derby winner Mistyk Dan to take the trophy on Saturday, giving more than 2,500 people the chance to experience the thrill of winning a major horse race. <\p>
Are investors re-entering the housing market after two-year retreat?
Investors could be launching a bit of a comeback in the U.S. housing market — although the reversal of fortunes comes amid a strategy shift for many investors in the face of low inventory. <\p> Purchases by investors grew 0.5% on a year-over-year basis in Q1, according to analysis by Redfin Corp. (Nasdaq: RDFN). Redfin defines an investor as any buyer whose name includes LLC, Inc., Trust, Corp. or Homes, or any buyer whose ownership code on a purchasing deed includes association, corporate trustee, company, joint venture or corporate trust.<\p>
8 things to know: Another cruise line to return after bridge collapse
Good morning readers.<\p> Happy post-Preakness Monday. Part of the BBJ crew was out in the mud with the crowds at Pimlico Race Course on Saturday, and our intrepid editors were working to keep us focused on the historic day. <\p>
Woodworking company acquired by original owner
The founder of a Baltimore County woodworking company sold his business four years ago but is now back to take the reins and return the business to growth. <\p> Ryan Autumn, the founder of Autumn Woods Collective in Phoenix, acquired the 10-year-old business in January. Autumn says his main goal is to return the company to profitability while increasing its impact in the community through a new donations program. <\p>
Seize the Grey carries its 2,500 owners to Preakness win
Seize the Grey won the 2024 Preakness Stakes on Saturday, carrying its 2,500 owners to victory in the mud at Pimlico Race Course.<\p> The horse is trained by D. Wayne Lukas and owned by MyRacehorse, a company that sells shares of horses to buyers, who will now get a share of the $2 million prize. Seize the Grey was jockeyed by Jaime Torres and entered the race with 9-1 odds. Kentucky Derby winner Mistyk Dan finished second, losing his bid for the second leg of the Triple Crown. <\p>
Ray Lewis, Miss Maryland and influencers: Who was at Preakness 2024
Singer Jimmy Charles, who performed the national anthem at the Preakness Stakes, set the tone of this year's "red carpet" with his crab-patterned socks bearing the phrase "Pinch Me!"<\p> While the horses and jockeys were stomping through the mud at the 149th running of the Preakness Stakes, celebrities from the NFL, major TV networks and yes, social media, made their way through the Turfside Terrace at Pimlico Race Course to sip some bubbles and watch the action. They brought their pastel suits, towering hats and plenty of pink to the race. Avid Baltimore Ravens fans and Instagram influencers alike had someone to look for.<\p>
Gov. Wes Moore promises 'a new Pimlico' as changes loom for Preakness
Gov. Wes Moore faced a television camera on Saturday ahead of the 149th Preakness Stakes and promised not only a bright future for Pimlico Race Course but that the blighted Park Heights neighborhood next to it would no longer be ignored.<\p> Moore, attending his second Preakness as governor, assured WBAL-TV's Deborah Weiner and Gerry Sandusky that the "Pimlico Plus" plan he OK'd this month would enable the state to spend millions to take ownership of the track, redevelop it and revive both Park Heights and the sagging horse racing industry in Maryland.<\p>
Preakness Stakes vendors brave rain in pursuit of profits, exposure
Rain, rain go away.<\p> Those sentiments were shared amongst many vendors at the 149th Preakness Stakes and the accompanying Preakness Live Festival that takes place in the infield on Saturday. Local restaurants like Stuggy’s and Boardwalk Fries saw a slower start to the day than usual as rain deterred early crowds. But vendors hope to see an uptick closer to the 7:01 p.m. post time and the 8 p.m. Preakness Live concert with headliner Jack Harlow.<\p>
Preakness introduces new bets to attract mobile sports gamblers
Preakness Stakes organizers have added new and more betting options this year to tap into the growing mobile sports betting craze. <\p> 1/ST, a company run by Preakness owners The Stronach Group, expanded its Preakness horse racing futures options this year, allowing bettors to wager on who they think will win the Preakness as early as March. Peter Rotondo, senior vice president of 1/st racing and wagering, said the futures bets are part of an overhauled betting menu that the company started putting into place last year. 1/ST is adding these types of bets, which are typically used to bet on Super Bowl or NBA Finals champions, as a way for the company to capitalize on the growing number of mobile sports gamblers.<\p>
Baltimore university delays building project amid funding shortfall
Morgan State University failed to get the $102 million in state money it needed this year for the construction of a science center, leaving school officials wondering how they will deal with a funding gap and the project's soaring costs. <\p> Construction of the university's flagship project will be delayed a year because the project received only $22.9 million in the state's Fiscal Year 2025 capital budget. The entire project is now expected to be completed by 2028 and is slated to receive $264 million in state funding over five years. That's not enough to make up for huge cost overruns that have increased the project's price tag to $342 million from the original $150 million projection. <\p>
Baltimore developer eyes 2025 start for $3B Silver Spring project
MCB Real Estate is poised to launch another large-scale project in Maryland.<\p> The Baltimore firm confirmed it will break ground next year on Viva White Oak, a multibillion-dollar Silver Spring project located next to the U.S. Food and Drug Administration's headquarters that has languished for more than a decade.<\p>
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