New Markets Tax Credit Brings Life Back to Iconic Public Market
Cinnaire has announced an $11 million New Markets Tax Credit (NMTC) allocation to support the revitalization of the Lexington Market in Baltimore, MD. The 238-year old market will undergo a $40 million transformation to create a modern gathering place for all of Baltimore and a hub for community, culture, health, and wealth-building. Cinnaire Lending and Enterprise Community Loan Fund partnered to provide a $6.7 million loan to facilitate the NMTC financing.
Lexington Market consists of three buildings, the West Market, the East Market and the Arcade. Redevelopment efforts will demolish the aging Arcade building to pave way for an outdoor plaza. A new 63,000 square-foot market will be built on a former parking lot adjacent to the outdoor plaza. Phase II redevelopment efforts are currently underway for the East Market, which will continue to operate until the new facility is complete.
“Cinnaire’s investment will preserve the history of the oldest public market in America while catalyzing further economic development in downtown Baltimore,” said Jim Peffley, Cinnaire Chief Strategy Officer. “The revitalization of the Lexington Market will provide all Baltimore residents with access to healthy food options, cultural events and unique job opportunities. Creating a stronger, vibrant market will promote positive, meaningful change in Baltimore. We look forward to continuing our work with community leaders, project partners and the development team to ensure the success of the Transform Lexington project.”
Founded in 1782, Lexington Market is one of five city-owned public markets in Baltimore. The market is home to restaurants, shops, small eateries and stands selling fish, produce, meat, baked goods, candy and more. Once a thriving hub for culinary and social activities in Baltimore, the neighborhood surrounding the market has suffered from significant crime, blight, abandoned buildings and disinvestment. The City of Baltimore, business leaders and key institutions have aspired to restore and revive the market for decades. The NMTC provided a critical financing tool to support Transform Lexington.
Seawall, a Baltimore-based community development company, will serve as developer for the transformation of the Lexington Market. The market will remain as a public market owned by the City of Baltimore and managed by Lexington Market, Inc.