The River District is doubling down on one of its most anticipated new developments and putting its money where its mission is.
Both the River District PBID Board and the River District Community Foundation Board have approved a partnership proposal with Alchemist Community Development Corp., committing to provide small bridge loans to help keep construction of the Alchemist Public Market moving forward. The decision reflects the River District’s belief in the project and its potential to transform a long-vacant lot into a community anchor.
The Alchemist Public Market is a $23 million food, entrepreneurship, and coworking project under development at 341 North 10th Street, about a block south of Richards Boulevard. Envisioned as a self-sustaining worker training and food business incubator, the project broke ground in April after years of planning, and Alchemist CDC has secured $9.4 million currently available in contracted state and federal funding for construction, with additional funding overall for the project. The challenge, however, is timing.
“The issue is one of cash flow and timing,” said Alchemist CEO Sam Greenlee. “Our state and federal grants both take about 60 days to reimburse us, but our construction costs are billed monthly. We estimate spending about $1.2 to $1.5 million per month. To cover those costs while waiting on reimbursements, we need $3 million in liquid working capital.” As of June 3rd, Greenlee shared that coordination on construction draws between the state and general contractor on the project, D.G. Grenade, as well as various loans and major gifts the organization has received, has reduced the total liquid capital now needed to about $1.5 million.
Traditional lenders have expressed support for the project, but both the State and Federal grantors are already in primary position on the property, making it unable to be used as security. The City of Sacramento, facing a $66 million budget deficit, was able to provide a small bridge loan, but could also not accommodate the total amount. The River District is now stepping in where they could not, and is encouraging others to join us in supporting this transformational project.
“We are grateful for the leadership of the River District, stepping forward in order to help ensure Alchemist Public Market delivers on its promise,” Greenlee said. “This is an investment in the future of the River District as a vibrant neighborhood that attracts businesses, residents, and visitors.”
When complete, the Public Market will be a significant asset not just for the River District but for the broader Sacramento community. It will feature a shared incubator kitchen, a social enterprise cafe, eight small incubator restaurants, a shared outdoor food court, and a retail store showcasing local food producers. It will also serve as the home of a weekly farmers market and, notably, will be the first location in the River District to accept WIC and CalFresh benefits, making fresh, quality food accessible to residents who need it most.
The River District has always been a place where big ideas take root. Supporting the Alchemist Public Market is an investment in the kind of neighborhood we are building together; one that welcomes entrepreneurs, nourishes community, and creates real opportunity for everyone who calls this district home.
