BALTIMORE (WJZ) — The group behind a planned revitalization of the nearly 240-year-old Lexington Market said Monday it has locked up nearly $40 million in funding, paving the way for construction to begin this year.

Baltimore-based developer Seawall plans to build a new market building on the existing south parking lot starting next month ahead of a planned mid-2021 opening. The Arcade will also come down to make way for a new public plaza.

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A rendering shows the proposed new building for the Lexington Market in Baltimore. Credit: Transform Lexington

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Among the groups contributing to the $39.5 million in capital funding are Fulton Bank, Harbor Bank, U.S. Bank and Lexington Market, Inc., the nonprofit that operates the market.

The state provided $9.4 million in grants, while the city of Baltimore added $7.3 million.

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Seawall said the existing market will remain open during construction.