Market Creek Plaza impact sheet

MARKET CREEK PLAZA LOCATION 310 Euclid Avenue, San Diego, CA 92114 CONSTRUCTION Groundbreaking 1999 / Phase 3 Completed 2004 USE Neighborhood Shopping Center SIZE Building 104,000 SF / Site 366,340 SF Market Creek Plaza (MCP) is a commercial and cultural center in semi-urban southeastern San Diego. The Plaza’s anchor tenant is Food 4 Less, the first major grocer to locate in the area in thirty years. MCP is the first commercial real estate project in the country to be designed, built, and ultimately owned by neighborhood residents. The intent is to build broad resident ownership of neighborhood change. FINANCIAL $ 23.6 MILLION TOTAL INITIAL COST FINANCING $ 15M $ 7.6 M $ 1 M New Markets Tax Credits (64%) Program-Related Investments (32%) Community Development IPO & Neighborhood Unity Foundation (NUF) (4%) ANNUAL PROPERTY TAXES $ 145K When planning began on the vacant factory site, there was ONE job – a security guard. There are now JOBS 213 Full Time 92 Part Time 121 Local 68% Minority 84% JOBS Minority- or women-owned contracts (79%) $ 7.9M Temporary construction jobs with training for emerging contractors 360 CONSTRUCTION $ 10 MILLION The Plaza has 7 art installations: • African Batik Tile Tapestry • Community Faces Murals • Coyote Tracks Sculpture • Cultures of the Diamond Mural • Firefly Dreams Sculpture • Lao Walkway Tile Tapestry • Sempra Children’s Art Wall ART $ 600 K INVESTED AREA DEMOGRAPHICS Black 21% White 8% Hispanic 53% Asian 14% Native Hawaiian/ Pacific Islander 1% Two or More Races 2% Population........................................86,979 Under 18 ............................................30% Over 65................................................9% Median Age .....................................31 Median Income ............................$43,668 Individuals in Poverty ..............23% Single Family Housing.............56% Home Ownership........................51% DIAMOND NEIGHBORHOODS Source: 2010 Census & SANDAG $ 34 MILLION ANNUAL SALES REACHED Original projection $31M Total sales since opening $289M Retail gap still existing in Diamond Neighborhoods $156M RETAIL SALES 2,000 1,000 ADULTS YOUTH COMMUNITY INVOLVEMENT Extensive cross-cultural teams have played an ongoing role in project implementation. Resident participation included: • Land planning • Leasing • Marketing • Research • Advocacy • Ownership design ENVIRONMENTAL Increase in ridership at adjacent 77% bus transfer hub & light rail station Brownfields remediated from 10 acres former factory site Creek restored with natural 1,200 lf vegetation & walking paths Trees planted during construction 1,000 CREEK RESTORATION $ 2.4 MILLION OWNERSHIP The first Community Development IPO in the nation took six years of work, 40 drafts by a legal team, and three attempts to earn approval from the California Department of Corporations. This effort resulted in COMMUNITY INVESTORS 417 Individual community stakeholders purchased $ 500K worth of shares (at $10/share) in Market Creek Partners, LLC, which owns Market Creek Plaza. NUF also invested $ 500K. • Diamond Community Investors 20% • Neighborhood Unity Foundation 20% • Jacobs Center for Neighborhood 56% Innovation • Diamond Management, Inc. 4% Shares typically earn community investors a 10% return on their investment.

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Transcript of Market Creek Plaza impact sheet

MARKET CREEK PLAZALOCATION 310 Euclid Avenue, San Diego, CA 92114CONSTRUCTION Groundbreaking 1999 / Phase 3 Completed 2004USE Neighborhood Shopping CenterSIZE Building 104,000 SF / Site 366,340 SF

Market Creek Plaza (MCP) is a commercial and cultural center in semi-urban southeastern San Diego. The Plaza’s anchor tenant is Food 4 Less, the first major grocer to locate in the area in thirty years.

MCP is the first commercial real estate project in the country to be designed, built, and ultimately owned by neighborhood residents. The intent is to build broad resident ownership of neighborhood change.

FINANCIAL

$23.6MILLIONTOTAL INITIAL COST

FINANCING

$15M$7.6M$1M

New Markets Tax Credits (64%)

Program-Related Investments (32%)

Community Development IPO & Neighborhood Unity Foundation (NUF) (4%)

ANNUAL PROPERTY TAXES

$145K

When planning began on the vacant factory site, there was ONE job – a security guard. There are now

JOBS213Full Time 92Part Time 121

Local 68%Minority 84%

JOBS

Minority- or women-owned contracts (79%)

$7.9MTemporary construction jobs with training for emerging contractors 360

CONSTRUC TION$10MILLION

The Plaza has 7 art installations:

• AfricanBatikTileTapestry• CommunityFacesMurals• Coyote Tracks Sculpture• Cultures of the Diamond Mural• Firefly Dreams Sculpture• LaoWalkwayTileTapestry• SempraChildren’sArtWall

ART$600K INVESTED

AREA DEMOGRAPHICS

Black 21%

White8%

Hispanic53%

Asian14%

Native Hawaiian/Pacific Islander

Two or More Races2%Population ........................................86,979

Under 18 ............................................30%Over 65 ................................................9%Median Age .....................................31

Median Income ............................$43,668

Individuals in Poverty ..............23%

Single Family Housing.............56%Home Ownership ........................51%

DIAMOND NEIGHBORHOODS

Sour

ce: 2

010

Cens

us &

SAN

DAG

$34MILLIONANNUAL SALES REACHED

Original projection $31MTotal sales since opening $289MRetail gap still existing in Diamond Neighborhoods $156M

RETAIL SALES

2,000 1,000ADULTS YOUTH

COMMUNIT Y INVOLVEMENT

Extensive cross-cultural teams have played an ongoing role in project implementation. Resident participation included:

• Landplanning• Leasing• Marketing

• Research• Advocacy• Ownershipdesign

ENVIRONMENTAL

Increase in ridership at adjacent 77% bus transfer hub & light rail station

Brownfields remediated from 10 acres former factory site

Creek restored with natural 1,200 lf vegetation & walking paths

Trees planted during construction 1,000

CREEK RESTORATION

$2.4 MILLION

OWNERSHIPThe first Community Development IPO in the nation took six years of work, 40 drafts by a legal team, and three attempts to earn approval from the California Department of Corporations.

This effort resulted inCOMMUNITY INVESTORS417

Individual community stakeholders purchased $500K worth of shares (at $10/share) in Market Creek Partners, LLC, which owns Market Creek Plaza. NUF also invested $500K.

• DiamondCommunityInvestors 20%• NeighborhoodUnityFoundation 20%

• JacobsCenterforNeighborhood 56% Innovation

• DiamondManagement,Inc. 4%

Shares typically earn community investors a 10% return on their investment.