Building Permit & Construction Loan Approved

As a new year approaches we’re happy to announce two big achievements our project has recently made.

The first is that we received our building permit from the Oakland Planning and Building Dept. While this was a much more challenging and protracted process than we had anticipated, we’re grateful to wrap up 2017 with our permit in hand.

The second achievement is that PCM has been approved for $5,462,500 in construction loans by two lenders: the Northern California Community Loan Fund (NCCLF), a San Francisco-based nonprofit lender, is providing a loan for $3,477,500, and Self-Help Federal Credit Union, based in Durham, NC, is providing a loan for $1,985,000.

With building permit and construction funding in hand, we’re on track to begin construction of our full-service food market, cafe and social hall. We’re mobilizing to begin demolition in January 2018. While there are variables that could affect our construction timeline, we’re optimistic that our market will open before the end of 2018.

We’d like to give much thanks to our Founding Shareholders, partners, allies and, most importantly, residents of West Oakland for their patience and support as we pressed toward these milestones. We have experienced, first-hand, the barriers that keep communities like West Oakland from getting grocery stores and other small businesses that they deserve. We hope that what we’ve learned and experienced can be useful to other communities that are striving to create a more equitable, inclusive and healthy future for themselves.

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