In 2019, ESI was retained by Wexford Science + Technology to assess the potential economic impact of 4MLK – a planned development, in partnership with Ventas Inc, situated within the University of Maryland BioPark. The proposed project would connect historically underserved West Baltimore neighborhoods and the UMB campus and Downtown.
ESI found that proximity to innovation leaders would bolster the city’s innovation ecosystem and drive the region’s global competitiveness. The project would represent a considerable amount of upfront and ongoing commercial activity, which translates into local economic opportunity and local tax revenues.
ESI found that investing in the community and increasing the presence of science and technology in the area will create economic impact in the region and enhance local business capacity, strengthening regional competitiveness. Local impacts include community engagement, investing in education, and enhancing urban amenities.