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Baltimore Business Journal
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>
OpEd: Maryland's 'playbook' aims to boost procurement opportunities
Procurement is a fancy word for a simple concept — purchasing of goods from IT and professional services to construction and manufacturing products. <\p> In the case of government procurement, it means using taxpayer dollars — our money — to buy and deliver goods for the benefit of the public. But how much money are we spending? Who is getting our money? And what are they spending it on? <\p>
Baltimore County industrial portfolio sells for $140.5M
Six warehouses in the Baltimore Crossroads industrial complex in Middle River just traded for $140.5 million.<\p> The sale saw a majority of the complex in Eastern Baltimore County change hands and is the latest deal in the region's hot industrial market that has been buoyed by low vacancy rates for years.<\p>
Stadium Authority picks firms to help reimagine Camden Yards
The Maryland Stadium Authority approved contracts Tuesday for architecture and construction firms to help jumpstart the potential $600 million in projects coming to Oriole Park at Camden Yards.<\p> The board approved $1 million for an architect and $400,000 for a construction joint venture to work with the Baltimore Orioles to make a list of renovations and stadium improvements and estimate their costs in the coming months. The architect is Kansas City-based Populous Inc. with Baltimore-based Adams Design Group. The construction team is Gilbane–WarrenBuilds, a joint venture between Baltimore-based Gilbane Building Co. and Upper Marlboro's WarrenBuilds. The preliminary work is a necessary step to making use of $600 million in state funding to reimagine the venue. <\p>
UPS to close local hub for redo, 540 workers affected
Hundreds of United Parcel Service Inc. workers will be affected as the shipping giant temporarily closes a Baltimore County facility for renovations.<\p> Atlanta-based UPS, (NYSE: UPS) will shut down its facility at 3901 Vero Road in Halethorpe on Aug. 23 for modernization improvements, a UPS spokesperson wrote in an email. The company expects the facility to reopen in late 2025, and in the meantime, the hub's 540 workers will either work in an on-site temporary UPS facility, transfer to other nearby facilities or find other work. The shutdown comes months after UPS laid off nearly 120 workers from the same plant in March when it cut a package sorting shift. <\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
8 things to know: Baltimore spot makes Bon Appétit's best new bars
Good morning dear readers, it is Bluesday again.<\p> The dog days of summer are here, but the month of July is sweet for at least one man every year: former MLB player Bobby Bonilla, who receives roughly $1.2 million every July 1. For those fortunate enough to not root for the Mets, a little explanation is in order.<\p>
Towson restaurant rebrands, brings on new chef
A Towson restaurant has a new look and menu after the arrival of a chef who's revitalizing his barbecue concept from several years ago.<\p> The Point in Towson has rebranded to Smoke at The Point, a new collaboration restaurant with Chef Josh White of the former Smoke BBQ in Cockeysville. The change will combine favorites from the nearly seven-year-old Towson eatery and the former barbecue restaurant, which closed five years ago.<\p>
Radio station owner to launch capital campaign, eyes new HQ
A new business model for Baltimore Public Media is in the works by station management that could include moving to a new city headquarters and expanding news coverage to Frederick and the Eastern Shore.<\p> Home to FM stations WYPR and WTMD, the newly branded public radio group recently consolidated its offices into WYPR's home base on North Charles Street in Remington and will launch a capital campaign this fall. That effort will help station management explore moving into new or expanded offices possibly by 2029, said Craig Swagler, president and general manager. <\p>
Baltimore loses bid for $70 million federal tech hub grant
The Greater Baltimore Committee’s push for $70 million in federal funding to turn the region into a hub of innovation has failed after the government picked 12 other regions as "Phase II" tech hubs. <\p> The GBC, the region's main business advocacy group, planned to use the federal tech hub funds to create everything from a biomanufacturing center in Aberdeen to programs to help entrepreneurs launch startups. Greater Baltimore was one of 31 cities chosen in the first round of the tech hubs program but will now miss out on receiving tens of millions of dollars for its pitch, which centered around the intersection of health care and artificial intelligence. Without that money, local universities and business groups must rethink or cancel projects they hoped would draw federal investment. <\p>
Kevin Spacey's waterfront Baltimore home goes up for auction
The Inner Harbor mansion that actor Kevin Spacey has called home for years is heading to auction this month. <\p> The elegant Pier Homes at Harborview residence was listed for auction on Monday afternoon by Alex Cooper Auctioneers, which will handle the sale. The auction is scheduled to begin July 25 at 9:15 a.m. on the steps of the Clarence M. Mitchell III Courthouse on Calvert Street downtown. A $100,000 initial deposit is required to bid, with a suggested opening bid of $1.5 million.<\p>
Downtown office vacancy rate to soar after major employer's exit
T. Rowe Price Group Inc.'s upcoming exit from Baltimore's central business district will push downtown's office vacancy rate to a record 30% — another hit in an already struggling commercial real estate market, data from JLL shows.<\p> Come December, T. Rowe's move to a new global headquarters at Harbor Point will keep the publicly traded financial giant firmly planted in Baltimore. But it will also render a 450,000-square-foot crater at 100 E. Pratt, the nearly 50-year-old landmark across from Harborplace. Real estate brokers say filling in that gap could be nearly impossible.<\p>
Hunt Valley wealth management firm expands to Boston
A Hunt Valley wealth management firm has opened up a Boston office amid plans for nationwide expansion.<\p> Verdence Capital Advisors, a wealth management firm that spun out from Merrill Lynch, has hired Dwight Davenport, an advisor with more than 30 years of experience, to run the firm’s new office. Leo Kelly, founder and CEO of Verdence, said the firm is currently looking to add wealth managers across the country, and felt that Davenport was a great fit. <\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
8 things to know: Towson sports bar closes after 22 years
Good morning readers. It's a new summery week.<\p> Today shouldn't get much hotter than 80 degrees, mercifully, and it'll stay relatively cooler through Wednesday. Enjoy it while you can: Thursday will be in the mid-90s, and temps will stay up through the weekend. It's going to be a hot Independence Day.<\p>
Howard County restaurant goes from food court stall to franchiser
Blowfish Poke has blown up from a humble 12-foot stall in the back corner of a Clarksville food court to a $3 million Greater Baltimore restaurant chain about to franchise nationwide.<\p> Founders of Blowfish Poke, Jennie and Steve Kwon, took a trip to Maui in 2017 but never imagined they would return to Maryland with a Hawaiian restaurant idea that would gain popularity during a pandemic. They fell in love with poke, a Hawaiian dish featuring raw fish and salad — still a rarity in Maryland then. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
OpEd: Workforce diversity must include people with disabilities
It's well-established that having a diverse team benefits both businesses and consumers.<\p> A Boston Consulting Group study proves the benefit, showing that employee diversity is a driver of innovation and diverse teams produce 19% more revenue. Another study showed that inclusive teams make better business decisions nearly 90% of the time, make decisions twice as fast with half the meetings, and decisions made and executed by diverse teams deliver 60% better results.<\p>
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