PRESS RELEASE: November 25, 2024
BDC and Maryland Department of Commerce Announce Board of Estimates Approval of Conditional Loan for 4MLK Flex Lab Space
Baltimore, MD—The Baltimore Development Corporation (BDC) and the Maryland Department of Commerce are pleased to announce the Baltimore City Board of Estimates' approval of a $200,000 conditional loan to support the establishment of 4MLK Connect Labs, a state-of-the-art flex lab space in the University of Maryland BioPark in Baltimore, Maryland. This joint funding effort marks a significant step toward strengthening Maryland’s position as a national leader in the life sciences industry.
The $200,000 convertible loan from Baltimore City, combined with the state’s $2 million conditional loan, awarded through Advantage Maryland (formally known as MEDAAF), will fund specialized scientific lab equipment for approximately 35,000 square feet of flex lab space. The space will be operated by 4MLK Connect Labs JV LLC, a joint venture formed by affiliates of Wexford Science & Technology, LLC, and Ventas, Inc. It is projected to create at least 100 full-time permanent jobs in Baltimore by 2028.
“We are very pleased to work with the University of Maryland, Baltimore leadership and Baltimore Development Corporation to support this project, which is critically needed to ensure Maryland remains competitive in the life sciences industry,” said Maryland Commerce Secretary Kevin Anderson. “We have tremendous innovation coming from our universities and our private sector and this new space will help those ideas to grow from the lab to the marketplace.”
The flex lab space, housed within the 250,000-square-foot building at 4 North Martin Luther King Jr. Blvd., will provide laboratories and office space for early-stage private sector life sciences and biotechnology companies. By offering a collaborative environment and access to cutting-edge resources, 4MLK aims to bridge the gap between research and commercialization.
“This investment underscores our commitment to fostering innovation and creating jobs in Baltimore City,” said Colin Tarbert, president and CEO of the BDC. “Through partnerships like this, we’re building a more dynamic and inclusive life sciences ecosystem that supports entrepreneurs and attracts national attention to Baltimore.”
The establishment of 4MLK is the latest milestone in a collaborative effort between the state and city, which began in March 2023, to bolster Baltimore’s life sciences sector. By combining resources and expertise, Maryland and Baltimore City aim to stimulate economic growth, generate tax revenue, and solidify the region as a hub for scientific and technological advancement. The project also addresses one of the Baltimore Together goals of increasing lab space in Baltimore City.
For more information about this project and its impact on Baltimore’s life sciences industry, visit www.4mlk.com/contact.
About the Baltimore Development Corporation
The Baltimore Development Corporation (BDC) is the economic development agency for the City of Baltimore. Our mission is to grow the city’s economy in an inclusive manner by retaining, expanding, and attracting businesses and promoting investment, thereby increasing career opportunities for residents. For more information about BDC, visit www.baltimoredevelopment.com.
