Newbo City Market

Economic development: Newbo City Market is a nonprofit organization showcasing our community's assets, inspiration, and potential by cultivating new businesses and entrepreneurship and by supporting local artists and artisans, harnessing the power of culture and creativity to drive economic growth and to build the character and quality of our community. This core of this mission is community-based economic development by using local resources in a way that enhances economic opportunities while improving social conditions in a sustainable way. Often community-based economic development initiatives are implemented to overcome crises (such as the 2008 flood) and increase opportunities for communities that are disadvantaged. To meet this goal, Newbo City Market has become both a cultural organization and an economic development initiative, blending social and economic development to foster the economic, social, and cultural well-being of our community. The organization lowers barriers for diverse entrepreneurs and creates a launch pad for startup and early-stage businesses that have a distinct focus on local products. Each year, the organization is home to up to 26 small businesses employing over 150 people and receiving nearly $3 million in gross revenue annually. Since opening the Market in 2012, over 20 small businesses have or are in the process of graduating from the Market and opening stand-alone locations in the area. The organization also parnters with several community, municipal, and educational institutions to foster economic and workforce development.

Neighborhood revitalization: the organization reclaimed and revitalized a block that received major flood damage in the city-wide flood of 2008 and helps drive the redevelopment and revitalization of the czech village/new bohemia district. The space is becoming a major attraction for the City of cedar rapids and the surrounding area. In 2018, the Market attracted over 500,000 people to this revitalized area and held over 200 community events. The Market also helps build a "localized economy," both inside the Market and throughout the district. Our localized economy is identified by several businesses in close proximity that all share the traits and values of entrepreneurship, arts and entertainment, small business, locally-sourced products, and locally-based talent with an eclectic business culture that values what is unique and "funky". "Newbo" has become synonymous with "entrepreneurship" in cedar rapids.

Community engagement: Newbo City Market has used placemaking as a method of economic development from the beginning with benefits that have extended far beyond enticing visitors, entrepreneurs, small businesses, and corporations. The organization hosts over 200 arts, entertainment, wellness, and community events open to the public; these events promote the local culture, drive economic growth for both businesses inside the organization and in the area, and build the character and quality of our public place. To local economies recovering from a loss of conventional industry (such as the loss of industrial businesses in the district), placemaking is a method for capitalizing on existing strengths, rather than inventing new ones, for the purpose of developing a stronger economy. We have seen strong returns to the local economy from tourism, an intrinsically place-based industry. Placemaking is an environmentally friendly form of economic development. The walkable and bikeable streets and trails that are favored by the placemaking philosophy have made a positive impact on not only business success, but also the wellness culture of the community. With our open spaces as part of both the Market's and district's identity, and therefore our development strategy, it has been important to both protect these spaces and improve them for greater utility and enjoyment. Placemaking encourages the recognition of local artists and musicians. It also places importance on preserving local landmarks and significant architecture.