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University of Maryland BioPark Building 2

The second building in a multi-phase development that is creating economic opportunity in West Baltimore.

What: 238,000 SF lab and office building including the BioInnovation Center startup lab space
Where: Severely distressed LIC in Baltimore, MD
Cost: $70MM
Contribution: $10.3 MM QLICI subordinate debt
Closing: May 2011

Community benefits

ACT provided technical assistance and funding to create a pathway from K-12 to a career in biotechnology, created a strategic plan for re-merchandising the historic Hollins Market as a LIC-accessible public market focused on local, sustainable foods, and coordinated a comprehensive revitalization plan for the area around the BioPark.

Summary

Working with the University of Maryland (UM) BioPark, UACD helped revitalize a severely distressed, low-income community in West Baltimore. UACD remains involved with the UM BioPark, a multi-phase, 10-acre campus that will be home to over 1.8 million SF of research labs, office space, retail, and community rooms. Over $345MM in private investment is expected at the BioPark over the next 10 years, generating an additional $548MM in investment and supporting 5,220 jobs earning $245MM in salaries and wages over the 10 year construction period. The UMB BioPark has already produced terrific benefits for the residents of the LIC and will continue to grow over the next 10 years. It is estimated that 2,700 (80%-85%) of all construction jobs created by the BioPark will be low-skill jobs accessible to residents of the LIC. An estimated 77% of these workers will have access to medical benefits and 70% will have access to retirement benefits. The UMB BioPark awards 25% of construction subcontracting to MBE/WBE, creating a sustained economic impact to local minority construction businesses.

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