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Fargo, ND (2017)

International Market Plaza

NMTC financing paves the way for an entrepreneurial hub for new businesses in Fargo.

Investment

  • NMTC Amount: $420,000
  • Total Project Cost: $1,100,000

IMPACT

  • 40 FTE jobs
  • 3 construction jobs
  • 6,500 sq. ft. of real estate

Investor

Project Description

A dream became reality in 2017, when the International Market Plaza opened in Fargo, ND.

With encouragement from Midwest Minnesota Community Development Corporation (MMCDC), the staff and board of directors at the Immigrant Development Center (IDC) of Fargo-Moorhead worked for years toward the opening of a market similar to those in their home countries. In their collective mind’s eye, they saw a grouping of restaurants and retail stores around an enclosed courtyard, where community members could gather to visit, eat and shop.

That vision is not far from the reality taking shape at 1345 Main Ave., Fargo. IDC purchased and remodeled 6,500 sq. ft. of the existing building, and has found 10 new tenants. The result is a rich ethnic mix of goods and services, including retail shops, two restaurants and a coffee shop coming later, along with the existing Tae Kwon Do studio. Services include hair cutting, henna tattoos, and sewing.

MMCDC provided affordable, flexible loans totaling $420,000 toward the $1.1 million project. A federal grant to IDC also contributed to financing for the building. Key to receipt of the grant was the potential to repurpose up to 25,600 sq. ft. of underutilized commercial space, and add 57 new jobs and 16 new businesses in a low-income neighborhood, with a 33 percent poverty rate and a median family income of just 55.7 percent of the average area median family income.

The IMP gives immigrants of the Fargo-Moorhead community the opportunity to pursue their passions and attain a better quality of life through their businesses.

MAP

Address: 1345 Main Avenue, Fargo, ND 58103

Census Tract: 38017000600

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