The California Statewide Communities Development Corporation has partnered with the nonprofit East Bay Asian Local Development Corporation to provide $10 million of New Markets Tax Credit allocation to stabilize and enhance the historic Swan’s Marketplace in Downtown Oakland. Swan’s Marketplace, a fixture in Downtown Oakland since 1917, was rescued from imminent demolition in the late 1990s by EBALDC. The mixed-use property spans a full city block, and features affordable housing, restaurants, co-housing units, and community-oriented retail and office space for local businesses and nonprofits. A critical cornerstone to revitalization efforts in Downtown Oakland, Swan’s has struggled in recent years under the burden of a high interest rate loan and low commercial occupancy.
CSCDC has partnered with Chase, the City of Oakland and Low Income Investment Fund to provide a NMTC financing that will allow EBALDC to refinance $3.2M of existing high interest rate debt, and carry out tenant improvements on 15,000 sq. ft. of retail space that will be leased to local small restaurants and vendors. Community Benefits: 25 new permanent full-time jobs and 37 part-time jobs will be created in the 15,000 sq. ft. of space that will be improved through the NMTC financing. Local businesses committed to hiring within the local low-income community will be targeted. More than 60% of current Swan’s employees live in Oakland. EBALDC will lease space only to tenants that provide living wages. The improved occupancy at Swan’s will contribute to a more vibrant neighborhood, which is expected to result in additional private investment in surrounding properties.