La Marqueta Potential Re-Use Study

Location

New York, New York

Client

Placeful Company

Project Lead

Urbanomics

Services

Market Analysis
Economic Development
Socioeconomics

Hot Bread Kitchen

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Urbanomics has prepared several market studies for Placeful to support the redevelopment of La Marqueta, a historic retail market in East Harlem being redeveloped by NYCEDC into an innovative marketplace for retail and food vendors. To support this effort, our firm conducted a peer review of a Phase 1 Blueprint Report and then prepared several editions of an expanded market analysis which included a demographic profile and an evaluation local demand for retail services to identify potential retail uses for the site beyond the market's historic use as a grocery and fresh food marketplace. The firm also considered the demand for workforce development services and identified such service providers as a possible future use opportunity within the La Marqueta site.

Urbanomics identified several potential non-retail industries for further exploration including 3D Printing Manufacturing, Food Manufacturing, Sound/Recording/Film Production, Event Space, as well as Co-Working/Startup Spaces, all of which could potentially be sited at the La Marqueta site. These industries were evaluated in terms of unmet demand, site requirements, locational appropriateness and ability to meet the goals of the local Community Board. A feasibility analysis was conducted for these industries to determine capital and operations costs, availability of funding and potential return on investment.

The firm's insights have been instrumental towards the market's continued revival and recent $5.5 million renovation. The market has added an event space known as La Placita, including a beer garden and dance floor and now hosts regular events in addition to expanded retail offerings including pop-up retail boutiques and an outdoor farmers market.