{"id":2911,"date":"2026-05-21T23:32:08","date_gmt":"2026-05-21T23:32:08","guid":{"rendered":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/05\/21\/river-district-market-development-at-risk-of-cancellation-due-to-funding-snafu\/"},"modified":"2026-05-21T23:32:08","modified_gmt":"2026-05-21T23:32:08","slug":"river-district-market-development-at-risk-of-cancellation-due-to-funding-snafu","status":"publish","type":"post","link":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/05\/21\/river-district-market-development-at-risk-of-cancellation-due-to-funding-snafu\/","title":{"rendered":"River District market development at risk of cancellation due to funding snafu"},"content":{"rendered":"<article><!-- --><!-- --><!-- WPS-5038 -- removed the script from WPS and added the placeholder for trinity player --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- CONTENT --><!--[--><!--[--><\/p>\n<p>The development  of Alchemist Public Market, which aims to create a multifaceted community space at 341 North 10th Street in the burgeoning River District, is facing imminent cancellation due to an eleventh-hour gap in funding.<\/p>\n<p>Read more <a href=\"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/05\/21\/pizza-returns-to-the-former-pasquales-in-carmichael-but-theres-a-twist\/\">Pizza returns to the former Pasquale\u2019s in Carmichael \u2014 but there\u2019s a twist<\/a><\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cWe\u2019re not facing issues of project viability. We\u2019re under construction. We\u2019ve got $9.4 million in state and federal grants to draw down to spend on it, but we are facing an immediate liquidity crisis, because there\u2019s a huge timing mismatch since we have to pay our general contractor and other construction costs on a monthly basis,\u201d said Sam Greenlee, CEO of Alchemist Community Development Corporation (CDC).<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Alchemist CDC is a Sacramento-based 501(c)3 non-profit organization dependent upon public support, government funding and additional sources of financial help through, for example, grants and program revenue.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>The funding gap issue stems from the fact that the state and federal grants require at least 60 days to process their payments, which would leave construction costs unpaid on a month-to-month cycle.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>To cover that timing gap, Alchemist sought a one-year $3 million bridge loan. While they did receive some prospective lending options from local banks, the loans required cash collateral of the full amount in order to guarantee them.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>\u201cIf we had cash collateral for the full loan amount, we wouldn\u2019t need a loan,\u201d Greenlee said.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Ultimately, Alchemist sought funding from the city. Initially, they felt they had been given assurance that the city would fund the loan. As of yesterday, they learned in no uncertain terms that it would not.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cWe did receive messaging from the city that made us believe they were going to be a partner in solving this over the course of the past month. I don\u2019t know what led to the disconnect internally, but we now have clarity, that is not the case,\u201d Greenlee said.<\/p>\n<p>Read more <a href=\"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/05\/21\/redding-fraudster-who-fled-fbi-on-lake-shasta-sea-scooter-sentenced-to-30-years\/\">Redding fraudster who fled FBI on Lake Shasta \u2018sea scooter\u2019 sentenced to 30 years<\/a><\/p>\n<p><!--]--><!--[--><\/p>\n<p>According to David Gull, chief of staff with the office of Phil Pluckebaum, councilmember for District 4, city funding was never on the table.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cTheir ask for the bridge loan, this has been told multiple times that the city doesn\u2019t just have money available to loan out like that, and however we tried to communicate that did not seem to land with them,\u201d he said.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>According to Greenlee, there was a glimmer of hope when River City Bank was willing to produce a term sheet for the loan, provided the city cosigned as guarantor. He said the city never signed, and no term sheet was procured.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>No representative from River City Bank was available for comment.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>If the organization cannot find an emergency source of funding by June 2, the project won\u2019t just be halted, it will be canceled altogether.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>\u201cWe won\u2019t be able to continue with construction at that point, because we\u2019ll start to incur costs that we don\u2019t know if we can repay,\u201d he said.<\/p>\n<p><!--]--><!--[--><\/p>\n<p>The organization continues to seek private funding. If the project is canceled, the outstanding state and federal funding will be returned.<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>The market was conceived as a cultural hub for the developing River District neighborhood, including an outdoor food courts, a farmers market, a grocery that would accept EBT\/CalFresh and WIC, coworking spaces and more. The project broke ground in April and construction started May 4, according to the Alchemist Public Market website.<\/p>\n<p>Read more <a href=\"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/05\/21\/family-owned-breakfast-and-lunch-cafe-to-open-coffee-shop-in-roseville\/\">Family-owned breakfast and lunch cafe to open coffee shop in Roseville<\/a><\/p>\n<p><!-- --><!--]--><!--]--><!-- --><\/p>\n<p>This story was originally published <span>May 21, 2026 at 12:59 PM<span>.<\/span><\/span><!-- --><\/p>\n<p><!-- --><!-- --><\/article>\n","protected":false},"excerpt":{"rendered":"<p>The River District&#39;s community market faces cancellation after the city declined to cosign a bridge loan, leaving a critical funding timing mismatch unresolved.<\/p>\n","protected":false},"author":1,"featured_media":2910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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