Jack & Jake's: Bringing Fresh Food and More to Central City
Bringing regionally sourced food, office space and work opportunities to New Orleans' Central City community.
Myrtle Banks School building to be redeveloped as Jack and Jake’s Fresh Market with investment by Foundation for Louisiana and others
Foundation for Louisiana has provided a $300,000 low-interest loan known as a Program Related Investment (PRI) to Jack & Jake’s, to support the conversion of the historic Myrtle Banks School building into the new Jack & Jake’s Public Market, and the market’s initial operation. When completed, the 23,000 sq. ft. Jack & Jake’s Public Market will offer regionally sourced, fresh and affordable food in Central City, an area long lacking in access to fresh foods. The new market will create an estimated 33 new full-time jobs and 35 part-time jobs, while also helping to sustain regional farmers and fishers who are part of the market’s supply chain. In addition to Jack & Jake’s, the repurposed former school building will include shared office space, and green and open space.
Previous Central City Investments: $300,000 loan to support the renovation of the historic Franz Building, which now houses Good Work Network, an organization that provides business development services to minority- and women-owned businesses across fifteen parishes in Southeast Louisiana.
Previous Central City Investments: $300,000 loan to support the renovation of a new homebuyer education center for Neighborhood Development Foundation (NDF), which for many years has provided home buying education and assistance to low- and moderate- income families, as a tool to build wealth.
“Jack & Jake’s will be a terrific new community resource on a historic New Orleans corridor that is experiencing new vibrancy after years of disinvestment,” said Flozell Daniels, Jr., president and CEO of Foundation for Louisiana. “This is Foundation for Louisiana’s third investment in commercial revitalization projects in this neighborhood in recent years, because we know the importance of investing in businesses that can catalyze economic growth of neighborhoods, like Central City, that are working hard to rebound,” he said.
Alembic Community Development is handling the renovation, which is scheduled for completion in Fall 2014. Recently, Jack & Jake’s Public Market also received a $1 million loan through the New Orleans Fresh Food Retailer Initiative (FFRI). Foundation for Louisiana’s PRI Fund seeks to leverage other funding sources to better ensure projects’ viability.