Projects: New Markets
Market Ventures, Inc. conducts feasibility analysis and concept planning for public markets, farmers’ markets, and other innovative economic development projects. Since no two projects are alike, creating a successful development concept must be carefully linked to the analytic process of testing feasibility. MVI takes an iterative approach, with market research blending with project goals, national experience, stakeholder input, site/design opportunities, and economic analysis to create development concepts that meet the client’s financial and programmatic objectives.
Among notable projects, MVI’s work led to the creation of the Milwaukee Public Market, Grand Rapids Downtown Market, and Union Street Market in Fort Wayne.
Market Ventures led the planning and development of Union Street Market at Electric Works, two historic warehouses within the former million square foot General Electric plant in downtown Fort Wayne. Union Street Market opened in November 2022 with 22 independent local merchants selling a range of fresh, specialty and prepared foods.
Early in the development planning, MVI was retained by the development team to perform feasibility and financial analysis and create the development and branding strategy for the Market. Once underway, MVI provided its expertise and guidance to the architects and construction manager throughout the development phase. MVI was responsible for leasing, from tenant sourcing through lease negotiations.
To ensure local funding and enhance the Market’s connection to the community, MVI conceptualized and then shepherded creation of the Electric Works Public Market Trust, a nonprofit organization that monitors the Market’s mission and oversees fundraising and implementation of programs to support food access, community wellness, public space activation, and public engagement.
MVI hired and then trained the local site managers, including the Senior Experience Director for Electric Works and the Market Manager.
During the first year of operations, MVI continued to be responsible for merchant leasing and guiding the Public Market Trust, while mentoring the onsite management team to ensure successful marketing, operations, programming, and financial management.
Information about the impact of Electric Works and Union Street Market can be found here.
Grand Action, a nonprofit representing the city’s business and philanthropic leadership, has spurred revitalization of downtown Grand Rapids through construction of catalytic development projects. The organization turned its attention to creating a year-round Downtown Market.
Grand Action retained Market Ventures, Inc. to conduct a feasibility study, identify the site, and develop the concept for this facility. MVI designed an economic development strategy that linked West Michigan’s expanding agricultural sector to the burgeoning demand for local, fresh foods by area residents and tourists.
MVI proposed an innovative mixed-use program for the Downtown Market, including 27,000 sf of indoor fresh food retailing, a 60 stall outdoor farmers’ market shed that can expand to accommodate over a hundred farmers, a kitchen incubator program within a 5,000 sf certified commercial kitchen, and dry and cold storage facilities for distribution of locally grown foods to area schools and institutions. The plan also called for rooftop greenhouses (utilizing the heat generated within the market), extensive education and event space including the country’s first demonstration kitchen designed for kids, restaurants, other retail, and office space. The study recommended a robust professional management staff to run a wide range of educational programming that encourages people to buy, cook, and eat fresh foods.
Through extensive key informant interviews and focus groups, MVI’s reached out to potential community partners, including area hospitals, schools, government agencies, representatives of ethnic communities, and food system advocates to develop long term partnerships that maximize the Downtown Market’s impact on the community. As a result, MSU Extension, Kent County Schools, Grand Valley State University, and Goodwill Industries all became programmatic partners and rent-paying tenants in the Downtown Market.
Market Ventures continued to assist Grand Action during the predevelopment phase. Key tasks included assistance with selecting the design team, an extensive board training program, budget refinement, and fundraising. MVI prepared detailed funding proposals to federal agencies and local and national foundations, helping to secure $16 million in capital support.
Construction began in January 2012 and the Downtown Market opened in August 2013. During the development phase, MVI helped Grand Action and the new board to select the market director, assisted with marketing and branding, and continued with fundraising and partnership development. After opening, MVI returned to the Downtown Market to conduct vendor and management training.
Among numerous awareds, the Downtown Market won the Rudy Bruner Award for Urban Excellence in 2015, the nation’s premier award for placemaking.
MVI was hired by the Historic Third Ward Association to help realize their aspiration for a new public market in downtown Milwaukee, Wisconsin. MVI selected the site, developed the concept, created a financial and leasing model, and tested the feasibility of a new, year-round indoor market.
Located within the Commission Row area, which functioned as a wholesale produce market for 100 years, the Milwaukee Public Market is a purpose-built, stand alone market building with 19 permanent tenants, plus an outdoor farmers’ market shed located under the highway overpass.
The public market district includes restaurants and related retail and has become one of the most vibrant sections of the city.
Construction began in 2004 and the Market opened in October 2005. To support the Market’s opening, MVI provided assistance with marketing and conducted vendor training and post-opening vendor evaluation.
While the Market has evolved over the years, four of the original vendors remain 20 years after opening. In 2024, the Milwaukee Public Market was named the nation's best public market in the USA Today 10Best Readers' Choice Awards.
