2021 Real Estate QLICI of the Year Award Recipient
Salt City Market (SCM)
CDEs: The Rose Urban Green Fund, LLC and Chase New Markets Corporation
Developer: Allyn Family Foundation
Owner: Syracuse Urban Partnerships, Inc.
Location: Syracuse, New York
QLICIs by the Rose Urban Green Fund, LLC and Chase New Markets Corporation, a subsidiary of JPMorgan Chase Bank, N.A., helped provide the way for the development of Salt City Market in Syracuse, New York.
Salt City Market is a new 78,000-square-foot mixed-used development on a formerly vacant lot at the intersection of three impoverished neighborhoods. It will feature a 24,000-square-foot public market and grocery store on the first floor, a nonprofit office space on the second floor and 26 mixed-income apartments on the upper two floors. It also includes 10 food incubator stalls for food entrepreneurs, of which 100% are minority or women-owned business. It will include a partnership with UpStart, a regional training program that provides comprehensive business training and technical assistance for business owners, focused on communities of color and immigrant communities. The grocery store provides access to healthy foods in an area that does not have readily available produce.
The $16.01 million QLICI by The Rose Urban Green Fund, LLC, and an additional $2 million from Chase New Markets Corporation filled the gap in funding and allows the owner to offer below-market rental rates, capital investment in common space amenities and to support operations staff and management.