{"id":348698,"date":"2026-06-05T22:55:12","date_gmt":"2026-06-05T22:55:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/348698\/"},"modified":"2026-06-05T22:55:12","modified_gmt":"2026-06-05T22:55:12","slug":"alchemist-public-market-secures-progress-amid-funding-gap","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/348698\/","title":{"rendered":"Alchemist Public Market secures progress amid funding gap"},"content":{"rendered":"

Last month, Alchemist Public Market<\/a>, a proposed multifaceted community space at 341 North 10th Street that broke ground in the burgeoning River District<\/a> in April, appeared at risk of cancellation<\/a> due to a funding issue. Timing, not the financial security of the project, was the crux, and all indications were that time was running out.<\/p>\n

The project, which is fully funded with $9.4 million in federal and state grants, ran into a timing gap. Draws from those grants can take 60 to 90 days to process, but the project\u2019s contractors needed payment on month-to-month terms.<\/p>\n

The non-profit sought a one-year $3 million bridge loan, but ran into opposition. Absent the loan, the organization feared it would have to cancel the project outright as of June 2. Fortunately, circumstances have changed, and Alchemist CEO Sam Greenlee seems confident there is a path forward.<\/p>\n

\u201cOne key thing is that in the past week and a half, we were able to raise about $770,000 in financing for the project. Most of that is direct loans. A portion of it is very generous charitable gift toward the project, and so that was extremely helpful,\u201d he said.<\/p>\n

The organization\u2019s partners, including California EDD and the project\u2019s contractor, D.G. Grenade, also stepped up to help find solutions.<\/p>\n

\u201cThe state identified some efficiencies in the reimbursement process and D.G. Grenade is providing some flexibility on timelines. Combining those makes a big difference to our project cash flow,\u201d Greenlee said.<\/p>\n

In the end, this means Alchemist needs to drum up a total of about $2 million as opposed to the previous estimate of $3 million. With the funds already raised, that leaves around $1.25 million, but Greenlee says things are in the works.<\/p>\n

\u201cI think between the conversations we have ongoing, and the potential of people hearing about this, and how small the gap is at this point, I think we\u2019re on track for a collection of partners to step in and finish that liquidity gap,\u201d he said.<\/p>\n

Related Stories from Sacramento Bee<\/p>\n


\n \"Profile
\n <\/a><\/p>\n

Sean Timberlake<\/a><\/p>\n

The Sacramento Bee<\/p>\n

Sean Timberlake is the food and dining reporter for The Sacramento Bee. He has been writing professionally about food for over 20 years.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Last month, Alchemist Public Market, a proposed multifaceted community space at 341 North 10th Street that broke ground…\n","protected":false},"author":2,"featured_media":348699,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[121,123,122],"class_list":["post-348698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sacramento","tag-sacramento","tag-sacramento-headlines","tag-sacramento-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/348698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=348698"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/348698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/348699"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=348698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=348698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=348698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}