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Baltimore Business Journal
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
8 things to know: Ranking Maryland's best hospitals
Good morning!<\p> Today is National Hot Dog Day, the perfect time to start a water cooler debate over whether ketchup, mustard or relish should be the topping of choice. If relish is your favorite condiment, then you're in luck. The relish hot dog from the Orioles' live hot dog races at Camden Yards will be making an appearance at Stuggy's in Fells Point today from 5 p.m. to 6 p.m.<\p>
Ripken Baseball is going to Disney World amid nationwide expansion
Ripken Baseball is returning to Walt Disney World as its parent company looks to use the brand for its westward expansion.<\p> Ripken Baseball will operate tournaments at the ESPN Wide World of Sports Complex at Disney World starting next summer. The deal between Disney and Unrivaled Sports, the majority owner of Ripken Baseball, will see Ripken host four week-long events at the complex in 2025 and 2026. <\p>
Shuttered downtown hotel to reopen under new brand
A shuttered downtown hotel will reopen this summer under another brand not long after the property changed hands.<\p> Sonesta Hotel Baltimore Inner Harbor will replace the former Delta Hotels by Marriott Baltimore Inner Harbor at 1 E. Redwood St. The hotel plans to open in mid-August, according to employees at Sonesta Hotels.<\p>
Baltimore firm merges with public company
One of Baltimore’s largest technology firms is set to massively expand after merging with a public company on Friday.<\p> Highlandtown company Barcoding, Inc. has acquired Florida's DecisionPoint Systems (NYSE: DPSI), a public company that provides software to retailers for supply chain management, health care providers and other businesses. DecisionPoint will become a private entity operating under the holding company DecisionPoint Technologies.<\p>
University to make medical school free with $1B gift
A philanthropic organization led by former New York City Mayor Michael Bloomberg has made a $1 billion gift to Johns Hopkins University to make the institution tuition-free for thousands of medical students.<\p> The donation by Bloomberg Philanthropies will make Hopkins free for most medical students and expand financial aid for all nine of the institution's graduate schools. The gift will cover the full cost of attendance, including tuition and living expenses such as rent, for most students seeking a medical degree. <\p>
8 things to know: Md. among worst for low-wage renters, report says
Good morning readers, and welcome to a new work week.<\p> We begin this morning with a sobering statistic from a completely reliable website called FlashPicks. The sports gambling site has a new "study" showing that the typical Orioles fan will spend $819 this season just on beer at Camden Yards.<\p>
Firm staffs up after winning $692M Aberdeen Proving Ground contract
A Nevada defense contractor won a $692 million contract with the U.S. Army's Aberdeen Test Center and is now working to fill around 500 jobs in Harford County. <\p> TRAX International Corp. has hired 460 people for the contract and plans to add at least 31 more positions at Aberdeen Proving Ground before August to test how army vehicles respond to different combat situations. The firm is taking over the lucrative contract from Jacobs Solutions. The contract is a bit of a homecoming for Brian Simmons, a senior vice president at TRAX who worked at APG for 33 years before retiring in 2012. The firm was awarded the five-year contract in December but was not fully operational in Aberdeen until June. <\p>
Annapolis cyber firm buys Hanover company, plans growth
An Annapolis cybersecurity company that works with national security and defense agencies has acquired a Hanover firm in the same industry to grow its offerings.<\p> SIXGEN closed its purchase of Secure Enterprise Engineering Inc., or Secure-EE, on June 27, bringing the two cybersecurity contractors’ complementary services together. SIXGEN CEO Jack Wilmer said the firms knew each other from the relatively small community of cyber contractors working on threat prevention at the FBI, U.S. Cyber Command and other national security and defense agencies. Wilmer declined to disclose the terms of the deal but said the move was about bringing each company’s people and technologies together to earn bigger contracts and provide more comprehensive services for their clients.<\p>
Former restaurant owner pleads guilty in $2.5M federal tax case
A former Baltimore restaurant owner who also made frequent appearances on "The Real Housewives of Atlanta" has pleaded guilty to failing to pay more than $2.5 million in employment taxes.<\p> Peter Thomas, 63, pleaded guilty July 2 to failing to account for and pay the IRS trust fund taxes tied to his businesses in Baltimore, Miami and Charlotte, North Carolina, according a press release from the U.S. Attorney’s Office for the Western District of North Carolina.<\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
8 things to know: Cannabis sales top $1B in first year of legalization
Good morning and happy Friday!<\p> Hope everyone had a good Fourth of July! While I'm never one to complain about a midweek day off, it sure does feel weird to have to work one more day today before getting to the weekend. So let's just get right to it, shall we?<\p>
CEO steers storied Baltimore nonprofit to its next chapter
This article is part of "The BBJ Interview," which features interviews with the region's top business and nonprofit leaders. To suggest an executive, contact Editor Joanna Sullivan at jsullivan@bizjournals.com.<\p> Matthew Gallagher<\p>
Luxury apartment tower on Baltimore waterfront starts leasing
Harbor Point's residential base will grow by hundreds of apartments this fall as the once-industrial waterfront peninsula primes for a new wave of tenants.<\p> Renters are expected to move into the new Allied | Harbor Point tower in a couple of months as work at the luxury enclave sandwiched between Harbor East and Fells Point continues. The modern new residential tower off Caroline Street last week opened pre-leasing for 312 apartments, which will bring the total number of apartment units in Harbor Point to 704 by September. <\p>
Baltimore company works to save Italian olive oil industry
A Baltimore startup is establishing a lab in Italy this summer in hopes of saving the Italian olive oil industry from a disease that has already killed millions of trees. <\p> Auxergen is partnering with the University of Bari to create an Italian branch of the company at the TECNOPOLIS Science & Technology Park owned by the higher-education institution. The startup, founded by Johns Hopkins University researcher Ting-Yu Yeh, is seeking European Union approval to use a virus to fight a bacteria that has killed over 21 million olive trees in just a few years. <\p>
Why Greater Baltimore shopping centers are drawing big money
A Valvoline and a Taco Bell alongside a handful of office and medical spaces may not seem like much to the average shopper, but the mix was enough to attract dozens of offers for a Baltimore shopping center in April.<\p> Arundel Village Plaza at 5501 Ritchie Highway sold for $9 million in April, roughly $2.5 million more than it last sold for in 2014. The shopping center received more than 30 offers, a broker told the Baltimore Business Journal at the time. The sale and its high price tag signal a shift in how investors are playing the retail market in Greater Baltimore and around the country. Assets like big box or grocery-anchored shopping centers remain attractive, but much smaller community retail sites are now drawing more attention, and institutional investors are jumping into a market that was once dominated by wealthy families and private offices.<\p>
These are America's most-delayed flights
Airlines are expecting record-breaking traffic for the summer — and for the July Fourth holiday — but fliers on many routes would be wise to build in some extra time for their travel plans. <\p> That's according to an analysis by The Business Journals of the latest on-time data from airline analytics company Cirium Inc. The analysis looked at routes with at least 20 flights. <\p>
8 things to know: Waterfront bar sets open date
Good morning readers, and happy Fourth of July Eve.<\p> How will you be celebrating tomorrow? If you're looking for ideas, Visit Baltimore has a list of spectacles to take in. I'll definitely catch the fireworks and drone show at night and watch all the baseball I can during the day.<\p>
Johns Hopkins to establish lab on second floor of food hall
Johns Hopkins University plans to establish a lab on the second floor of the R. House food hall in Remington that will work on creating the infrastructure necessary for people to adopt renewable energy.<\p> While people dine on Egyptian food or pastries at the food hall below, a team of Hopkins scientists with the Ralph O'Connor Sustainable Energy Institute will work in the same building to create better car batteries and other renewable energy technologies in the lab upstairs. Benjamin Link, the institute's managing director, hopes the $7.5 million renovation to the 12,000-square-foot space will be completed late next year. <\p>
Shuttered Canton bar space to get new concept
A corner neighborhood bar space in Canton will soon get new life, two years after its longtime pub closed.<\p> Boston Street Bar plans to open in the former Bartenders pub at 2218 Boston St. by football season or around August, said owner Gilbert Collins Jr. The two-story bar will debut in phases, with the first floor being available initially and the second-floor bar and kitchen planning to open next year. <\p>
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