Lexington Market Master Plan
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www.marketventuresinc.com 118 William Street, Portland, Maine 04103 207.321.2016 tel 866.757.1705 fax Lexington Market Master Plan Phase 2 Report: Program, Design, Management & Finance January 26, 2015 Table of Contents Executive Summary ................................................................................................................... 4 Mission statement ............................................................................................................... 4 Design and development principles .................................................................................... 4 Program elements................................................................................................................ 5 Schematic design ................................................................................................................ 6 Operations and management plan ....................................................................................... 7 Construction costs and phasing ........................................................................................... 8 Operations pro forma .......................................................................................................... 9 Economic impact analysis................................................................................................. 10 Financing........................................................................................................................... 11 Conclusion ........................................................................................................................ 11 Introduction .............................................................................................................................. 13 Consultant team ................................................................................................................ 13 Mission and design & development principles ........................................................................ 14 Mission statement ............................................................................................................. 14 Design and development principles .................................................................................. 14 Program elements ..................................................................................................................... 16 Market hall ........................................................................................................................ 16 Restaurants ........................................................................................................................ 23 Farmers’ and crafts market shed and event space ............................................................. 23 Storage .............................................................................................................................. 24 Education/events ............................................................................................................... 24 Customer seating ............................................................................................................... 25 Shared commercial kitchen ............................................................................................... 25 Office and employee lockers ............................................................................................ 26 Bathrooms ......................................................................................................................... 26 Parking .............................................................................................................................. 26 Building services ............................................................................................................... 27 Schematic design ...................................................................................................................... 28 Existing layout .................................................................................................................. 28 Proposed development concept......................................................................................... 32 Neighborhood improvements............................................................................................ 39 Operations and management plan ............................................................................................ 40 Operating schedule............................................................................................................ 40 Staffing .............................................................................................................................. 40 Waste management ........................................................................................................... 42 Marketing .......................................................................................................................... 42 Leasing .............................................................................................................................. 44 Customer counts and consumer research .......................................................................... 46 Construction costs and phasing ................................................................................................ 47 Phasing .............................................................................................................................. 49 Operations pro forma ................................................................................................................ 55 Income............................................................................................................................... 55 Expenses ........................................................................................................................... 60 Master Plan: Phase 2 Market Ventures, Inc. Lexington Market Page 2 Construction period ........................................................................................................... 64 Economic impact analysis ........................................................................................................ 65 Methodology ..................................................................................................................... 65 Economic impact of sales at Lexington Market ............................................................... 66 Direct impact of construction and operations ................................................................... 69 Financing .................................................................................................................................. 70 Conclusion ................................................................................................................................ 71 Benefits ............................................................................................................................. 71 Challenges ......................................................................................................................... 73 Next steps .......................................................................................................................... 73 Appendix A: SWOT Analysis ................................................................................................. 75 Appendix B: Multi-level public market and market sheds ...................................................... 78 Appendix C: Construction cost estimate ................................................................................. 84 Appendix D: Finance opportunities ........................................................................................ 85 Master Plan: Phase 2 Market Ventures, Inc. Lexington Market Page 3 Executive Summary As part of its Transform Lexington Market initiative, Lexington Market, Inc. retained a team of consultants led by Market Ventures, Inc. to create a master plan that will guide redevelopment of the Market’s facilities and recommend strategies for leasing and operations. Phase 1 included extensive market research and public engagement. This Phase 2 report includes a proposed mission statement, design and development principles, program elements, schematic design, operations and management plan, operations pro forma, construction cost estimate and phasing, financing, and economic impact analysis. Mission statement The proposed mission statement for Lexington Market is: The mission of Lexington Market is to serve Baltimore’s diverse citizens and visitors by: • Perpetuating the city’s historic public market tradition through the sale of fresh and prepared foods in a welcoming public space, • Providing affordable retailing opportunities, particularly for independent, locally‐owned businesses and regional farmers, • Contributing to community wellness through access to and education about healthy and affordable fresh and prepared foods, and • Supporting the revitalization of downtown Baltimore’s West Side. Design and development principles The proposed development principles are: 1. Create modern, code compliant, energy efficient public market facilities that meet the needs of Market vendors and customers while maintaining the Market’s historical character. 2. Keep a portion of the Market in operation during construction. 3. Utilize environmental design strategies inside and outside the Market to address security concerns while creating