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Baltimore infuses $4.9M into Lexington Market businesses
//March 16, 2022
Mayor Brandon M. Scott and the Baltimore Public Markets Corporation on Wednesday announced the allocation of $4.9 million of Baltimore’s American Rescue Plan Act (ARPA) funding to complete the redevelopment of Lexington Market and its 45 merchants.
The market’s redevelopment began in early 2020 and construction of its new 60,000-square-foot market building and adjoining Lexington Street Plaza marks a new era for the nearly 240-year-old institution.
The project and its vendors have faced COVID-related construction and labor price increases but are on track to open this fall. Construction was put on hold early in the pandemic and cost increases have complicated reopening plans. These ARPA dollars are designed to address these issues and maintain minority vendor participation in the new market.
In line with the mayor’s priority pillar for Equitable Neighborhood Development, the new merchant mix increases Black ownership from the current 5% to nearly 50% in the new market and increases female ownership to 50%.
The COVID-19 public health emergency and the related economic fallout have disproportionately harmed small, minority-owned and women-owned businesses.
This allocation will also enable the well-known Faidley’s Seafood to remain in Lexington Market.
In addition to the funds provided by the American Rescue Plan Act, Transform Lexington Market is funded by a $2 million contribution from Lexington Market Inc., $7.3 million in grant funds from the City of Baltimore, $9.4 million in capital grants from the State of Maryland, $9.5 million in New Market Tax Credit investment and an $11.3 million loan financed by Fulton Bank.
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