NewBo City Market project moves into fundraising phases

CEDAR RAPIDS - Backers of the NewBo City Market hope grassroots support will build momentum as fundraising begins.

Board members of Cedar Rapids City Market, the non-profit developing the project, met with community and business leaders during the past two weeks to gauge their interest.

The meetings will help ascertain the level of support from corporate donors, said board president Sarah Ordover.

“We're not inventing something new,” she said during a meeting at the Cedar Rapids Area Chamber of Commerce. “The market combines our interest in food, our interest in ‘green' and our interest in growing our area.”

Start-up fundraising is under way, with a “Help Us Hatch” campaign on Facebook. The goal for individual support is $12,300 to help pay for operating expenses, such as an interim executive director.

Ordover said a feasibility study will be completed by late January to lead into the kickoff for the capital campaign.

The entire project is estimated at $4.25 million.

That includes $2 million to renovate the Quality Chef warehouse at 12th Avenue and Third Street SE for the market hall, and $650,000 to convert the Day Company building, 1100 Third St. SE, into a grocery store featuring local foods.

Ordover noted that the concept goes beyond an indoor farmers market.

She compared the idea to the Iowa City Pedestrian Mall and New York's Central Park.

“There is no central destination in Cedar Rapids,” Ordover said. “We have the potential to create a heart for the city.”

The market will serve as a public meeting place and a center for social interaction, she said. The site will offer space for local growers, artists and businesses, including restaurants, as well as cooking demonstrations, art, music and other events.

She said the market will be family-friendly.

“There's really not a lot of options (in the Corridor) that aren't alcohol-fueled,” Ordover said.

The market also will address health and job creation. Nutrition programs will be offered and the site will serve as an incubator for small businesses, local farmers and vendors, with 135 year-round positions created.

Ordover said ethnic and minority vendors will be a focus.

Revenue streams include stall rentals, sponsors and memberships.

Naming rights start at $500,000 for the market hall, down to $3,000 each for benches.

The city of Cedar Rapids has agreed to lease the Quality Chef site for $1 annually for 30 years, with an option to renew.

Board members requested $20,000 from Linn County.

The city is seeking a $1.5 million Community Attraction and Tourism grant through Vision Iowa for the market.

Ordover said that would be enough to break ground in April 2011, with the goal of opening in November.

“New Bo is really going to be a different place a year from now,” she said, citing a streetscape, federal courthouse under construction nearby and $6 million renovation of CSPS Hall. “The NewBo City Market is going to be the tipping point for that neighborhood.”