Local franchisee opens sub shop; Checkerspot, Sam Adams collaboration beer underway

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Now, here's what you need to know this morning.

Financing for Ravens stadium upgrades could prove more costly than expected

The Maryland Stadium Authority will have to get creative in figuring out how to finance up to $600 million worth of upgrades at the Baltimore Ravens ' M&T Bank Stadium amid a difficult economic environment. The board will need to get the OK to find a bank loan or other financing to cover up to $200 million of the project costs. Other improvements will be financed with tax-exempt bonds, but that can't be the only route. BBJ reporter Garrett Dvorkin has more details on the complex situation.

Does Lamar Jackson have a future with the Ravens?

Lamar Jackson's outlook with the Ravens has become even murkier as the team placed their $32.4 million nonexclusive franchise tag on him after over two years of unsuccessful negotiations. The Baltimore Ravens will let the star QB test his value on the open market, meaning they could potentially be outbid for him this offseason. However, the team will be able to match any offer Jackson signs. Teams have until July 17 to make a deal. [Baltimore Banner]

Local franchisee opens a Firehouse Subs Baltimore County

Firehouse Subs is adding a new location in Windsor Mill, owned by Baltimore County resident and first-time Firehouse franchisee Mizanur Rahaman. The new shop opens today at 7175 Security Blvd. In a press release, Rahaman said he has owned a local bridal shop for 12 years but always wanted to open a restaurant that "gives back to the community." To celebrate the store's opening, Rahaman will feed members of local fire departments at the store where tours of their fire trucks will also be offered today and tomorrow.

Baltimore brewery begins making beer with Samuel Adams

BBJ readers might recall news back in October that Baltimore's own Checkerspot Brewing Co. won a contest organized by Samuel Adams brewing ( The Boston Beer Company ). As the winning company, Checkerspot Brewing Co. will receive mentorship, business resources (potentially funding) and the opportunity to partner on a collaborative beer. According to our sister paper the Boston Business Journal , work on that Checkerspot/Samuel Adams brew is now underway . The beer is currently unnamed but is a rye IPA that uses rye from a small Maryland malt house, Bear Branch Malt. It will be released at a launch party this spring in Boston and Baltimore.

Sprouts takes on new store design

Sprouts Farmers Market revealed a new real estate strategy last week as it embarks on a plan to open 30 new stores across the country this year and more in 2024. New locations have yet to be announced. All of the new locations will be smaller at about 23,000 square feet, moving the company back toward the small-store model it used when the specialty grocery chain first launched. As part of the plan, Sprouts Farmers Market will also close 11 stores, although none in Maryland, the Phoenix Business Journal reports.

Maryland nonprofit farm makes major investment

First Fruits Farm, Inc. is taking on its largest capital investment to date, a new barn and shop that will nearly double the square footage to over 13,000 square feet. The nonprofit farm in Freeland grows and distributes fresh produce to people experiencing hunger in the mid-Atlantic region. The expanded space will include a production line for packaging, storage areas, a new loading dock, an equipment repair shop, offices and more. It is expected to be completed this spring and will help First Fruits improve and expand its operations, the company said in a press release. The investment also comes as the farm celebrates its 25th anniversary.

Maryland casino gaming revenue slows

Gaming revenue in Maryland last month was down 3.6% compared to February 2022. The state's six casinos brought in revenue of $167.1 million from slots and table games in February, about $5.9 million less than the same month a year ago. MGM National Harbor saw the smallest decline while Baltimore's Horseshoe Casino Baltimore had the largest decline at 8.1% year-over-year, WTOP reports.

Baltimore VC firm leads $2.3 million seed round

Baltimore venture capital firm Squadra Ventures led a $2.3 million seed round for Datalogz , a business intelligence ops platform out of New York. The company, which announced the funding round this week, is working to optimize BI and analytics sprawl as a high volume of data can quickly become unmanageable and in some cases can open up companies to security risks. Squadra launched in 2020 and is headed by Guy Filippelli , the former CEO of exited local cyber firm RedOwl Analytics.

This newsletter was written by Carley Milligan, Digital Editor at the Baltimore Business Journal. I can be reached at [email protected].?