Cross Street Market in Federal Hill is poised for big changes under new management.

The city announced a deal with a subsidiary of developer Caves Valley Partners on Monday. CSM Ventures will oversee a $6.5 million redevelopment of the public market between Light and Charles St. Under the deal, CSM Ventures will also manage the market. It has to be approved by the Board of Estimates on Wednesday.

The renovation is set to take place over the next two years, with CSM taking control at the beginning of 2017, according to the mayor’s office. The firm will pay rent to the city to the tune of $10,000 per month.

Leaders have long wanted to upgrade the market.

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