DAILY BRIEFING
Work begins on new Poppleton apartments Baltimore leaders gathered Thursday to celebrate the start of a new $81.5 million dollar apartment building in Poppleton near the University of Maryland BioPark.
The project, part of a planned $460 million, 33-acre redevelopment, has been in the works for more than a decade, as the city acquired hundreds of properties for the site and the developer weathered the recession to secure financing. At one point, the two sides sparred in court over delays to the project, which is supposed to rebuild the area as the University of Maryland, Baltimore spreads.
The first phase is a six-story complex on Schroeder Street with about 260 apartments, 19,000 square feet of ground-floor retail, a dog park and a plaza in front of the historic Poe House. Most of the building's units will be market-rate, but about 20 percent are expected to be subsidized. Two New York firms, La Cite Development and BRP Development Corp., are the developers for this part of the project, which was estimated in 2015 at more than $70 million. KeyBank Real Estate Capital provided $56.1 million in FHA-insured financing for the first phase. Baltimore also agreed in November to issue $12 million in bonds for infrastructure. Those bonds are to be repaid through new revenue generated on the property.
—Natalie Sherman Startups chosen as finalists for annual prize Five startup businesses have been picked by Under Armour’s entrepreneurship foundation as finalists in next month’s Cupid’s Cup competition.
The competition, now in its 12th year, is led by Under Armour founder Kevin Plank and the Plank Foundation for Entrepreneurship.
The finalists will compete March 30 at Northwestern University.
Finalists are vying for $100,000 and access to Plank’s professional networks.
The finalists and the universities they represent: ¦ LearnLux, Clark University, which helps millennials learn personal finance through online learning tools and connects them to resources.
¦ Luna Lights, Northwestern University, which developed an automated lighting system that uses cloud-based data analytics to reduce the risk of falling for older adults.
¦ NaturAll Club, University of Pennsylvania, which delivers fresh, fruit-based hair products that use food preservation technologies.
¦ PiperWai, University of Pittsburgh and Columbia University, which created an aluminum-free deodorant made with activated charcoal to neutralize odor and absorb moisture.
¦ SineTech, University of Iowa, which helps farmers increase profits by providing technologies to reduce piglet deaths. —Lorraine Mirabella Insilico Medicine raises $10 million for R&D Insilico Medicine, a Baltimore-based bioinformatics company, has raised just under $10 million to advance its research and development, according to documents filed with the U.S. Securities and Exchange Commission.
Insilico uses genomics, big-data analysis and advanced algorithums to research and develop new drugs and to improve the drug discovery process.
The company’s work is focused on aging and age-related diseases.
Insilico declined to comment on the new funding because the round has not yet closed. Founded in 2014, Insilico is led by CEO Alex Zhavoronkov and is based at the Emerging Technology Center at Johns Hopkins East.
—Sarah Gantz
The project, part of a planned $460 million, 33-acre redevelopment, has been in the works for more than a decade, as the city acquired hundreds of properties for the site and the developer weathered the recession to secure financing. At one point, the two sides sparred in court over delays to the project, which is supposed to rebuild the area as the University of Maryland, Baltimore spreads.
The first phase is a six-story complex on Schroeder Street with about 260 apartments, 19,000 square feet of ground-floor retail, a dog park and a plaza in front of the historic Poe House. Most of the building's units will be market-rate, but about 20 percent are expected to be subsidized. Two New York firms, La Cite Development and BRP Development Corp., are the developers for this part of the project, which was estimated in 2015 at more than $70 million. KeyBank Real Estate Capital provided $56.1 million in FHA-insured financing for the first phase. Baltimore also agreed in November to issue $12 million in bonds for infrastructure. Those bonds are to be repaid through new revenue generated on the property.
—Natalie Sherman Startups chosen as finalists for annual prize Five startup businesses have been picked by Under Armour’s entrepreneurship foundation as finalists in next month’s Cupid’s Cup competition.
The competition, now in its 12th year, is led by Under Armour founder Kevin Plank and the Plank Foundation for Entrepreneurship.
The finalists will compete March 30 at Northwestern University.
Finalists are vying for $100,000 and access to Plank’s professional networks.
The finalists and the universities they represent: ¦ LearnLux, Clark University, which helps millennials learn personal finance through online learning tools and connects them to resources.
¦ Luna Lights, Northwestern University, which developed an automated lighting system that uses cloud-based data analytics to reduce the risk of falling for older adults.
¦ NaturAll Club, University of Pennsylvania, which delivers fresh, fruit-based hair products that use food preservation technologies.
¦ PiperWai, University of Pittsburgh and Columbia University, which created an aluminum-free deodorant made with activated charcoal to neutralize odor and absorb moisture.
¦ SineTech, University of Iowa, which helps farmers increase profits by providing technologies to reduce piglet deaths. —Lorraine Mirabella Insilico Medicine raises $10 million for R&D Insilico Medicine, a Baltimore-based bioinformatics company, has raised just under $10 million to advance its research and development, according to documents filed with the U.S. Securities and Exchange Commission.
Insilico uses genomics, big-data analysis and advanced algorithums to research and develop new drugs and to improve the drug discovery process.
The company’s work is focused on aging and age-related diseases.
Insilico declined to comment on the new funding because the round has not yet closed. Founded in 2014, Insilico is led by CEO Alex Zhavoronkov and is based at the Emerging Technology Center at Johns Hopkins East.
—Sarah Gantz
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