Business

The menu at the new Locust Point restaurant EAT is simple: It’s built around egg rolls and tacos, the staple comfort dishes that also happen to make up the acronym that is the restaurant’s name. “It’s just a fun concept,” co-owner Spike Owen said of the new eatery, which he opened with business partners Mike Leeds and Doug Campbell, who also happen to be the owners of Barfly’s, a nearby spot that’s known for pizzas and whiskey.

Exelon Corp. chose a Baltimore software company as its first investment from a fund intended to provide capital to minority-owned businesses. The $36 million Exelon Racial Equity Capital Fund invested $1 million in Baltimore software company Sweeten. The deal is the fund’s first investment since Exelon launched the initiative in 2021. Exelon (NASDAQ: EXC) plans to use the fund to provide equity investments of up to $1 million along with $100,000 to $300,000 loans to small minority-owned firms in Exelon’s service areas over three years.

Apartments at Baltimore Peninsula, the once-industrial South Baltimore waterfront that is being redeveloped, are now available to be leased, developers said Thursday. Leasing has started for 416 units in two mixed-income residential buildings, 250 Mission and Rye House. The first residents are expected to move in next month, said developers led by MAG Partners and MacFarlane Partners. Those firms, which joined the project last year, are working with joint venture partners Sagamore Ventures, the investment firm owned by Under Armour founder Kevin Plank, and Goldman Sachs.

Andrew “Andy” McCormick, the head of T. Rowe Price Group Inc.’s global fixed income division, will retire at the end of 2023 after 15 years with the company. McCormick, who is one of T. Rowe’s (NASDAQ: TROW) chief investment officers, also serves as chair of T. Rowe’s fixed income steering committee. McCormick will be succeeded by Arif Husain, who is also a chief investment officer. Husain will take over McCormick’s position effective Jan. 1, 2024. At that time, Husain will also be named to T. Rowe’s management committee and will assume leadership of the fixed income steering committee.

The Walters Art Museum has agreed to consider a type of union election that would allow its employees to be represented by the labor organization of their choice — a development that could end the nearly two-year impasse between workers and management. After director Julia Marciari-Alexander sent an email to employees saying that she was open to an election conducted by an independent third party, members of the employee group Walters Workers United delivered a written election proposal to her on Friday.

David Cordish is planning to expand his Live Casino & Hotel in Anne Arundel County for the third time since it opened in 2012 — and it comes at a time when the Cordish Cos. is in rapid growth mode across the U.S. The owner of the Hanover-based casino, entertainment hall and luxury hotel is planning to add another development to its footprint in the coming year or so — with a concept and size still being determined, said Cordish, CEO and chairman of Cordish Cos., in a wide-ranging interview with the Baltimore Business Journal this week about the company’s expansion plans.

Under Armour beat earnings and sales expectations in the third quarter and raised its profit outlook for the current fiscal year as footwear and international sales drove growth. But executives said the Baltimore-based athletic apparel and footwear brand finds itself operating in a challenging retail environment while it works through bloated levels of inventory. Under Armour shares fell $1 each — nearly 8.2% — to close Wednesday at $11.22.

The Washington Commanders face another tough season in Richmond, with state Senate budget-writers opposed to Gov. Glenn Youngkin’s plan to spend $500,000 to study ways to lure the National Football League team to Virginia. The Senate Finance and Appropriations Committee has stripped funding for the study from its proposed state budget plan, which comes up for a vote in the full Democratic-controlled Senate on Thursday.

Under Armour Inc. is a brand known for performance athletic apparel. This year the company wants to lay the groundwork for being known for comfort and style. Under Armour for years has talked about diving further into the athleisure space. The company finally gave details on how it plans to expand into what executives call the “live” sector, during its fiscal third quarter call with analysts Wednesday after Under Armour beat Wall Street’s expectations for profit and revenue.