Mercado del Barrio

Cost: $19.7 million

BCCC NMTC allocation: $9.7 million

Sponsor: Shea Properties

Investor: US Bank

Location: San Diego County, CA

Description: The Mercado del Barrio project (Mercado) consists of the construction of 83,800 square feet of retail space designed specifically for the surrounding Hispanic community. Mercado aligned so well with community priorities it received a first place award for Neighborhood Planning from the California Chapter of the American Planning Association. Mercado lies within the Barrio Logan community of San Diego which had an 85% Hispanic population and 41% of its residents living in poverty. Since the 1970’s the Barrio Logan community and City of San Diego had attempted to create a project that economically stimulated the community and included a Hispanic grocer and Mercado accomplished these goals. Tied to the creation of the Mercado project was the development of 92 residential units set aside for low-income families developed by Chelsea Investment Corporation. Former San Diego Mayor Jerry Sanders said of Mercado “It’s going to enhance a culturally rich neighborhood, spur small-business creation and create jobs.”