New support poll at right

Check out our pledge-o-meter to see impressive support for saving the Roosevelt Market.

Hey Neighbors:
Things are moving along and we're busily assessing various options for securing the home of the Roosevelt Market as a permanent neighborhood asset. We need to estimate the amount of potential support.

There is a simple poll at right that lets you indicate an amount you could and would realistically contribute. While this is not a commitment (and we don't know who you are), please be realistic. Imagine how much the market is worth to you personally and what you are willing and able to contribute if we can put together a way to purchase the building.

Please note: for the purposes of this poll, consider what you would donate. Be honest and vote only once so we have a clear picture.

Thanks to all the generous folks who have offered to help so far. You are what make this neighborhood great!

Our aim is to place the land and building in a permanent neighborhood trust, not to pursue personal financial gain. We envision a future where locals can fly over on their jet packs and schmooze their neighbors...maybe get a soft-serve ice cream or a freshly baked sweet roll and pick out a nice bottle of local wine. It's a legacy thing, not a personal enrichment thing.

What's going on?

Everyone knows the Roosevelt Market. East End residents and visitors, along with current or past Roosevelt Raiders know the impact of the market on our neighborhood.  If you aren’t familiar with the market, click here or here.

Background. The land and building (the real estate) were purchased in 2003 by some East End angel investors that didn’t want to see the market fade away. The Roosevelt Market (i.e., the business piece) was acquired in early 2004 by Nicki and Susan, the folks currently running the show who have earned the trust and confidence of neighbors and students for the past nine years. The Roosevelt Market has been in almost continuous operation as a neighborhood market since the early 1900s. All that could change; that’s why you’re reading this.

The building owners are faced with a need to recover their investment, so the building (not the market) is for sale. This means neighbors face a decision: do we do nothing, and mourn the loss of the market if it goes the way of the Hollywood Market in the North End? Or do we step up to the plate and find a way to secure the market’s place as a permanent historic, economic and cultural asset for the East End?

Here are a few realities:

• Whoever owns the building gets to decide what happens.
• That being said, anyone attempting to change its historic use as a market—or displace the current market mavens—would face an uphill battle with neighbors...not to mention losing ground in terms of existing use agreements. Although many people with good intentions may have a dream for 'the perfect business or boutique,' it would be about as welcome as the ugly sweater you used to get from Noni every year.
• We benefit from the convenience and social amenities of a neighborhood market.
• An option being considered involves raising funds to purchase the building and hold it in a neighborhood trust, which would lease space to the Market.
• Another option is for one or more new ‘angel investors’ to purchase the building and continue to make it available for use as a market (this is why it’s still here). This would last only as long as those investors can afford to have funds tied up in the real estate; it would also depend on the intent of the investor(s).
• A third alternative is to sell shares in the market for a set price; inidividual shareholders would get one vote, regardless of the number of shares held. Shares could be bought and sold, and bylaws would govern various aspects of trading.
• If we do nothing, we can’t complain if the market goes away.

So, several neighbors are busy exploring options and networking. Stay tuned to see what we come up with, and leave comments!

Considerations

• History. The Market has been around for a while...since 1900. See http://www.boisearchitecture.org/structuredetail.php?id=1376 for more info. on the history.

• Added value. Many residents selected the East End as their home in part because of Roosevelt Market. A neighborhood market like this is an amenity that adds value—economic and otherwise—to our homes in many ways.

• Subsidy to equity. Susan and Nicki (and the building owners) have invested heavily in (and taken on risk) making the Market what it is. From block parties and wine tastings to offering to maintain a 'tab' for the convenience of neighbors, their contributions and sacrifice effectively subsidize our quality of life in measurable ways.

• Safety. Whenever there are break-ins, burglaries or vandalism, Susan and Nicki know about it. The kids that attend or play at the school know they can go the Market if they need help, and chances are that someone at the market will know whom to contact if a kid's in trouble (or causing it!).

• News nexus and sense of place. The Market serves as a micro-local, human-oriented news network and neighborhood social hub. Neighbors often go there to catch up with one another and on the latest news or activity that impacts them as homeowners. It's where we post neighborhood fliers for lost pets, job or apartment opportunities, local event posters, and where we ask for recommendations on services.

• Loss of Hollywood Market. The Hollywood Market went up for sale last year and now it's historic role in the neighborhood is gone forever. A yoga studio will be a great use as well, but it's not the same. The cost of remodeling the Hollywood Market has been significant, in large part because the owners were determined to preserve the historic appearance/exterior to the extent possible.

• Limitations. The Roosevelt Market building currently sits on a parcel that is only 0.038 of an acre. Without any setback or easement, it seems impractical to replace the structure with anything new. The historic use as a market is grandfathered in. Any attempt to displace the market would be unwelcome among neighbors, to say the least. New owners could be faced with starting from scratch in terms of permitting.