The NewBo City Market has received its largest contribution to date for its “Next Level Local” campaign to expand the market’s facility and offerings.
This week, the U.S. Commerce Department’s Economic Development Authority (EDA) awarded a $1.3 million grant to the NewBo City Market “for infrastructure improvements to support agricultural businesses.”
Josh Waldorf, the market’s director of marketing and communications, said the grant will be used to support construction of the market’s $6.1 million “Next Level Local” project.
The expansion project, with a total budget of $6.1 million, would add a second floor to the interior of the market’s Rotary Hall. The plan includes balconies for outdoor patio space, a free coworking lounge, a podcast studio, a mental health therapy clinic, a family sanctuary, a food production kitchen, a grocery store and an indoor stage for live events.
As currently planned, construction is slated to begin in January 2025 and finish in the summer.
According to the EDC, the grant will drive workforce growth and support new small businesses, and will be matched with $1.3 million in local funds. It’s expected to create 40 jobs.
“The Biden-Harris Administration is dedicated to ensuring that communities in Iowa and across the country have the infrastructure they need to grow and thrive,” Secretary of Commerce Gina Raimondo said in a release. “This EDA investment will allow for new businesses to start and grow in Cedar Rapids, supporting agricultural entrepreneurs and creating a stronger regional economy.”
The project is also being supported by regional planning efforts, led by the East Central Iowa Council of Governments (ECICOG), designed to “bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.”
Mr. Waldorf said $3.5 million has been raised for the “Next Level Local” campaign so far, with another $2.6 million remaining to meet the campaign’s goals.
“We continue to share opportunities with local donors who are eager to support our growth,” Mr. Waldorf said. “There are several outstanding grant applications to local foundations as well as state and federal grants in the works.”
The market is still pursuing a partner for the on-site grocery component of the project, Mr. Waldorf said.
“Our goal is to find the best partner for a sustainable, long term solution that addresses healthy food access in our immediate neighborhood,” he said.
“Receiving this grant funding validates the work that we do day in and day out to support and help develop entrepreneurs in Cedar Rapids,” Ms. Parisi said. “Each new small business started in the Market’s business incubator program helps not only keep local dollars in our community, but also creates jobs and adds to the vibrancy of our amazing city.”
There are also plans to open the market seven days per week once the expansion is complete. Currently the market is open Wednesday through Saturday from 10 a.m. to 8 p.m. and Sunday from 10 a.m. to 4 p.m.
NewBo City Market is accepting donations for the “Next Level Local” campaign at newbocitymarket.org/next-level-local.
