Business

Work is underway on the first phase of a $96 million development in Park Heights as a push to redefine the long-ignored North Baltimore community gains momentum. The 100-unit senior housing tower now under construction is among a wave of new life in the area north of Pimlico Race Course that has been plagued with chronic vacancies, blight, poverty and violent crime.

Baltimore will make the case for why international businesses should invest in our city during the inaugural Baltimore Region Investment Summit on June 27, the Greater Baltimore Committee announced Thursday. The local event will be a spinoff of the United States Department of Commerce’s SelectUSA Investment Summit, a foreign direct investment conference that aims to attract international businesses to invest in U.S. growth markets.

MLB Commissioner Rob Manfred said Thursday that the league is committed to getting the Orioles’ sale to Baltimore native David Rubenstein closed as quickly as possible. “We’re working on the internal processes that need to be completed before the transaction can close,” Manfred said in his annual start-of-spring-training availability. “There’s lots of documents that need to be reviewed and whatnot to make sure they are in accordance with our rules.”

A Baltimore accounting firm is urging cannabis companies to prepare for a change in federal law that could result in millions of dollars in tax refunds. Vadim Ronzhes, tax director at Towson-based Rosen, Sapperstein & Friedlander, is advising cannabis firms across the state to file a protective claim with the IRS because the federal government faces several legal actions and new regulations that could change how the nascent industry is taxed.

A Columbia alternative medicine company is going public through a merger with a special purpose acquisition company (SPAC) in a deal that could be worth up to $320 million. Nava Health announced an agreement on Tuesday to be acquired by blank-check company 99 Acquisition Group Inc., which is based in Gaithersburg and exists to purchase firms that are looking to go public. As part of the agreement, 99 Acquisition (NASDAQ: NNAG) will be renamed Nava Health and expects to remain listed on the Nasdaq. The two firms expect to close the deal in the second quarter.

Mt. Vernon Marketplace has added two new vendors to its lineup, marking the latest changes at the food hall. The market has added barbecue vendor SmoQ-N-Meat and Mediterranean vendor Mercy Seat Kitchen so far this year. The new offerings are part of a larger trend for food halls that see stalls come and go at places like Mt. Vernon Marketplace, which saw two longtime vendors leave last year and will soon see Cheezy Mike’s Food Emporium close after four years.

Anyone seen a whale? MGM National Harbor might be missing a few. MGM Resorts International (NYSE: MGM) this week reported a $124 million decline in fourth-quarter regional gaming net revenue compared to the same quarter in 2022, according to its earnings report and its latest earnings call. MGM National Harbor’s dip in performance was a contributor, per the earnings report, combined with a union strike at MGM Grand Detroit and the sale of Gold Strike Tunica in Mississippi.

This article is part of the Baltimore Business Journal’s Black History Month series on up-and-coming Black-owned businesses. For more profiles, click here. For Kashad McPherson, there is no better place to be than on a boat on the Chesapeake Bay during sunset. McPherson, who goes by “Captain Kay,” is investing tens of thousands of dollars to expand his private boat chartering company Vibe and Wave Charters so that his company can get even more people from Baltimore’s Black communities out on the water.