BALTIMORE (WJZ) — Governor Larry Hogan announced a $3 million bridge loan to help support the reconstruction of the historic Baltimore Lexington Market, a move that is meant to help the project meet financing requirements, the office said Tuesday.

The loan is through the Department of Housing and Community Development’s Neighborhood BusinessWorks program.

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It will help support the first three months of construction work for the estimated $38.5 million redevelopment project, the office said.

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$40M In Financing For Lexington Market Project Closes; Construction To Start Next Month

“We are proud to support the revitalization of the historic Lexington Market, which will create hundreds of jobs and support the long-term wellbeing of the surrounding community,” said Governor Hogan. “This transformative project draws upon the market’s rich legacy and points to a bright future for downtown Baltimore.”

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The governor’s office claimed the first phase of the project will create 250 construction jobs, and the new South Market will add around 40 new merchants, creating 200 jobs including both full and part-time positions.