Prosper Portland's Board of Commissioners approved a $2.68 million forgivable loan for the James Beard Public Market on Tuesday, July 9. (Submitted by James Beard Public Market)

Portland’s anticipated kitchen, next to its living room, just secured another $2.68 million towards its estimated $25 million construction costs.

Prosper Portland’s Board of Commissioners approved the sizable forgivable loan for the James Beard Public Market on Tuesday, July 9, landing the market more than half of its needed funds. This loan includes a $1 million allocation that the Portland City Council approved for its budget in May.

“Prosper Portland has supported the James Beard Market since its inception and today’s board action further underscores that support and collaboration,” Interim Executive Director Lisa Abuaf said in a statement.

Slated to open in the summer of 2026, with construction set to begin this fall, the market aims to establish a daily, year-round venue that showcases the region’s bounty, promotes sustainable agriculture, encourages healthy eating, and provides entrepreneurial opportunities.

Located in the historic Selling Building at Southwest Alder Street and Sixth Avenue, approximately 40 local businesses will be welcomed into the 38,000-square-foot space, creating around 200 jobs.

“The market will add to the vibrancy of Portland by bringing new visitors and customers downtown, while showcasing the amazing variety of agricultural products, culinary offerings, and beverages we are fortunate to enjoy here in the Pacific Northwest,” Abuaf continued.

Climbing toward $25 million

On Oct. 28, 2024, more than 120 years after the renowned chef, James Beard, was born, the market announced it secured a location. At that point, it raised about $1.5 million.

Recent donors ahead of Prosper Portland include $500,000 from Regence BlueCross BlueShield of Oregon and Cambia Health Foundation, another $500,000 anonymous donation in mid-June, followed by $10 million from the Oregon Legislature via the “Christmas tree” bill.

In a statement, Rep. Shannon Isadore said, “The James Beard Public Market is exactly the kind of public-private partnership we need right now. This is a smart public investment that will pay dividends for local jobs, for the revitalization of our downtown, and for small businesses from across the state.”