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.
AREA DEMOGRAPHICS Population.........................................86,979 Under 18.............................................30% Over 65.................................................9% Median Age......................................31
FINANCIAL
23.6
$
MILLION
Individuals in Poverty...............23%
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
$
7.9M
$
Temporary construction jobs with training for emerging contractors
ART
600K INVESTED
$
The Plaza has 7 art installations: • • • • • • •
213 JOBS
92 121
ANNUAL SALES REACHED
$
Minority- or women-owned contracts (79%)
When planning began on the vacant factory site, there was ONE job – a security guard. There are now Local 68% Minority 84%
RETAIL SALES
CONSTRUCTION
10 MILLION
ENVIRONMENTAL
JOBS
Full Time Part Time
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
360
Hispanic 53%
White 8%
Single Family Housing.............56% Home Ownership.........................51%
FINANCING
Two or More Races 2%
Black 21%
Median Income.............................$43,668
TOTAL INITIAL COST
$
Native Hawaiian/ Pacific Islander 1% Asian 14%
Source: 2010 Census & SANDAG
DIAMOND NEIGHBORHOODS
34
$
MILLION
Total sales since opening Retail gap still existing in Diamond Neighborhoods
$156M
Increase in ridership at adjacent bus transfer hub & light rail station
77%
Brownfields remediated from former factory site
10 acres
Creek restored with natural vegetation & walking paths
1,200 lf 1,000
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. COMMUNITY This effort resulted in INVESTORS
417
COMMUNITY INVOLVEMENT
2,000 ADULTS 1,000 YOUTH Extensive cross-cultural teams have played an ongoing role in project implementation. Resident participation included: • Land planning • Leasing • Marketing
CREEK RESTORATION
Trees planted during construction
$31M $289M
Original projection
2.4 MILLION
$
• Research • Advocacy • Ownership design
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 • Neighborhood Unity Foundation • Jacobs Center for Neighborhood Innovation
20% 20% 56%
• Diamond Management, Inc.
4%
Shares typically earn community investors a 10% return on their investment.
Jacobs Center for Neighborhood Innovation 404 Euclid Avenue San Diego, CA 92114 phone (619) 527-6161 fax (619) 527-6162
JACOBSCENTER.ORG