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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

Profile for Jacobs Center for Neighborhood Innovation

Market Creek Plaza impact sheet  

Market Creek Plaza impact sheet  

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