Mayor Michael R. Bloomberg today announced that East Harlem Business Capital Corporation (EHBCC) has been designated to redevelop La Marqueta, an approximately 50,000-square-foot retail market and open-air plaza in the heart of El Barrio in East Harlem.  The City-owned property consists of three parcels beneath the Metro-North viaduct between 111th and 116th Streets and includes vacant land, two buildings from the original La Marqueta development, and an open plaza.  EHBCC, a highly regarded local economic development organization, plans to renovate and revitalize the property into a Latin-themed food market to be renamed the Marqueta Internacional.  The Mayor made the announcement at the New America Alliance’s 3rd Annual Wall Street Summit. The Alliance is an organization united to promote the economic advancement of the American Latino community with a focus on economic and political empowerment, education, strategic philanthropy, and public policy advocacy.

“EHBCC’s plan will complement East Harlem’s ongoing commercial and residential revitalization and has the potential to create a new center for the East Harlem community,” said Mayor Bloomberg. “For the past 50 years, La Marqueta has been an important symbol of local Latino culture. EHBCC’s proposal is consistent with the job creation and economic development strategy I outlined earlier this week, and the market is another targeted capital investment that makes use of vacant City-owned land to promote the economy and diverse community of East Harlem.  When the Marqueta Internacional is completed, it will provide quality space for area entrepreneurs to establish new retail businesses and flourish in their own community and could create as many as 100 new jobs.  We look forward to working closely with EHBCC to finalizing their ambitious plan and making it a reality.”

“I am delighted at the news, and most grateful to Mayor Bloomberg for his administration’s evident support for the economic revitalization of El Barrio,” said State Senator Olga Mendez. “The development of La Marqueta will be a cornerstone in the renaissance of East Harlem.  It will create jobs and help small businesses grow.  I am committed to work with the Mayor to make sure that this historic public market becomes a great success for our community and this great city.”

As envisioned, EHBCC’s plan calls for the construction of three to four one-story buildings ranging in size from 10,500 to 15,000 square feet, featuring unifying glass façades, signage, street furniture and plantings.  Potential tenants include businesses that sell fish, meat, poultry, fruit, vegetables, baked goods, coffee and flowers.  Additional operations could include a restaurant, gift shop, kitchenware store, bookstore and an information booth.  Open space for dining, playgrounds, exhibits and community uses are also being considered.

“The ‘Marqueta Internacional’ will be a great asset to our City, and a significant anchor
in East Harlem’s future development,” EHBCC Executive Director Elizabeth Colón. “It will be a market for East Harlem and all the people of our City to enjoy.  It will also be another great destination point for tourists who come to enjoy the diversity and flavor of the many ethnic communities and neighborhoods that make New York the capital of the world.  East Harlem Business Capital Corporation is honored to lead this effort.”

Under the proposal, EHBCC will work with EDC, the City agency that has managed the property since 1992, in a three-phased designation period with specific milestones to be achieved during each phase.  During the first three months of the designation, the developer will refine and complete its proposal and develop a budget and realistic timeline for the two phases to follow.  Upon successful achievement of these milestones and development of a feasible plan, EDC intends to execute a long-term lease with EHBCC.

Mayor LaGuardia had established La Marqueta in 1936 to create a permanent home for the outdoor pushcart markets that were located around the City at the time.  Since the 1950’s, La Marqueta has been recognized as a popular Latino marketplace.  At its peak, it was a busy retail center that housed 510 stalls.  In the summer and fall, the market hosted a Farmers Market on its open-air plaza, which also served as the venue for numerous community and cultural events featuring live entertainment and activities for children.

This project is another example of the City’s commitment to bring economic development every neighborhood in the City.  It will continue the revitalization that was begun on 125th Street with Harlem USA, a $65 million, 275,000-square-foot retail and entertainment complex on West 125th Street.  The revitalization moved east on 125th Street with a new Pathmark that is one of the chain’s most successful operations. 125 Gateway Ventures and Gotham Plaza brought more quality retail and office space to East 125th Street in recent years.  To the west, EDC in cooperation with other City and State agencies has developed the West Harlem Master Plan and is in design phase for waterfront improvements that will provide public access and other amenities such as a waterfront esplanade and piers for fishing, boating and possible ferry landing.  Potamkin Automotive and General Motors will soon be starting construction on a new auto mall on East 127th and East 128th Streets and Second and Third Avenue.  These will be the first new auto dealerships located north of 60th Street in over 50 years.

EHBCC is a 501(c)3 non-profit economic development organization located in East Harlem that was incorporated in 1997.  With funding from City, State and Federal programs, EHBCC provides access to capital and business development assistance to local businesses.  EHBCC is certified as a Community Development Financial Institution (CDFI), designated as administrator for NYS Empire Zone and Upper Manhattan Empowerment Zone funds, and registered as a Community Development Enterprise.  The group also has an excellent reputation in the community primarily as a small-business lender.  Its leadership includes State Senator Olga Mendez as Honorary Chair and Elizabeth Colón as Executive Director.