Minneapolis, MN
A central gathering place, market, and community center for members of the Minneapolis Latino community.
In 1999, graduates of the Neighborhood Development Center's (NDC) Spanish language entrepreneurial program opened Mercado Central. Mercado Central is a Latino community gathering place that grew from Lake Street in Minneapolis. As a result of a coalition between Cooperativa Mercado Central, the Neighborhood Development Center, the Whittier Community Development Corporation, and Project for Pride in Living, Mercado Central has since flourished into marketplace, community center, and ideal business locale for many members of the Latino community.
Nuts and Bolts:
- The groups involved in the revitalization of Lake Street's heritage, culture, and economy provide key resources that enable low overhead costs, group marketing opportunities, pro bono legal services, technical assistance, and office equipment.
- By 2002 the market was occupied with 49 businesses including restaurants, grocery stores, service shops, and stores with an eclectic mix of cultural artifacts, jewelry, books and music.
Successes:
- One of the small restaurants, Manny's Torta's, reached a revenue of over half a million and has since expanded into another area of Minneapolis.
- The Neighborhood Development Center, In the Heart of the Beast Puppet and Mask Theatre, Latino Economic Development Center, and LISC have made use of new market tax credits to plan for the restoration of the former Antiques Minnesota Building also located on Lake Street. This building will serve as an expansion of Mercado Central for retail, office and non-profit arts space. It will also house the Lake Street Entrepreneur and Career Center that will provide college admissions counseling, job training and placement, and entrepreneurship classes in five languages.
- Mercado Central reached its original sales projections a mere three years after the project began.
Keys to Success:
- The broad base of support for the area by the wide variety of people that visit Mercado Central.
- Equitable access and sharing of business resources.
- Concentration of resources towards the goal of economic upward mobility for participants.
- Focus on the relation of cultural vitality to economic success.
How can you do it?
- This community's focus on entrepreneurship and culture provided great direction and strength of purpose to a large partnership. What cultural themes resonate in your community and can be a source of direction?
- The partnership took advantage of an array of resources to meet the business needs of a large group. Attention to opportunities and a willingness to share resources were crucial.
For more information on this program: Mercado Central