Mayor Pugh Congratulates MCB Real Estate on Securing Prudential Financial's First Opportunity Zone Investment for their Yard 56 Project in East Baltimore
Saturday Jan 12th, 2019
BALTIMORE, MD. — Today, Mayor Catherine E. Pugh congratulated MCB Real Estate in securing Baltimore City’s first Opportunity Zone (OZ) investment from Prudential Financial for their catalytic Yard 56 project in East Baltimore.
“This investment in Yard 56 is a model for how the Opportunity Zone program can help spur private investment to transform neighborhoods,” said Mayor Catherine E. Pugh. “We recognized the potential of this program from the onset, and Baltimore City was the first jurisdiction to submit our map to the Governor indicating those areas that were most ripe for investment and development. We have made every effort to ensure that we maximize every opportunity to highlight Baltimore’s many assets as a City with abundant opportunities for investment and growth.”
In October, the City and the Baltimore Development Corporation brought on Ben Seigel as the Opportunity Zone Coordinator to serve in a promotion, information clearinghouse, and matchmaking role. Seigel continues to identify OZ Funds and investors, and promote projects in Baltimore.
“We are finding out that these funds have interest in specific type of projects and that having a dedicated person knowledgeable in matching the right funds with the right projects can position Baltimore to leverage these resources as much as possible,” said William H. Cole, president and CEO of the Baltimore Development Corporation. “This investment in Yard 56 is a clear indication that Opportunity Funds are looking at Baltimore and concluding that they want to be in this market.”
Seigel has been identifying national, regional and local OZ Funds to determine the type of projects they are most interested in investing and ensuring that the Funds are aware of projects in Baltimore that meet their specifications and bring maximum impact to Baltimore City residents, workers, and businesses.
“In addition to the matchmaking, we want to ensure that we are providing a concierge service of facilitating, following up and providing any other necessary information to secure as much investment as possible in the City,” said Ben Seigel, Baltimore Opportunity Zones coordinator. “Our goal is to ensure that Yard 56 is just the beginning and that we position Baltimore City as an attractive market to be for qualified Opportunity Funds.