SEATTLE — The Pike Place Market Preservation & Development Authority (PDA) Council will vote on a resolution Thursday that would adopt a master plan to revitalize the popular market.
Authorities voted to develop the master plan in 2019, but the work was halted because of the COVID-19 pandemic. Work to establish the Pike Place Master Plan restarted in 2022, as revenue from the market struggled to keep pace with rising costs over the last five years.
According to the master plan, Pike Place Market costs rose by 31%, while revenue grew by only 23% over the last five years. And as the pandemic shuttered the market, officials provided $3.8 million in financial support to tenants for almost 16 months, stopped all capital projects and partnered with the Pike Place Market Foundation to help vendors stay in business.
Now the Pike Place Market Master Plan is ready for its next step.
"In 50 years, a lot of us will not be here,” said Scott Chang, a longtime flower vendor at the market. “But it will be nice to know the market will be taken care of."
Authorities designed the master plan to be a framework for the Pike Place Market for the next 10 years and a roadmap for the next 50 years. In the plan, officials said they want to attract locals, re-energize the market's farmer program and promote local entrepreneurship and craftspeople.
The proposed plan outlines ambitions to make physical investments at Pike Place, First Avenue and Western Avenue. The focus, according to the plan, is to invest along Western Avenue and Downunder to increase foot traffic near the Waterfront Park scheduled to be completed in the summer of 2026 before Seattle hosts the World Cup.
The waterfront project will bring improvements to places like Myrtle Edwards Park and Centennial Park, making more accessible beaches, adding restrooms and picnic areas, and adding greenery. Public fishing will also be restored in some areas.
The goal is to connect more areas of downtown Seattle, which the project aims to do by adding a greenway for pedestrians and cyclists to the east side of Alaskan Way on the downtown waterfront. This greenway will connect the Olympic Sculpture Park to Pier 62, creating a safer and easier way for people on foot and bike to get to the heart of downtown.
"I think it makes it more accessible to local customers,” said Alex Lemay, the owner of Foggy Hog Farm, a relatively new vendor at the market. “I think that people need to be very attentive because there's so many people, there's so many cars, so we would welcome a more efficient system."
A potential taxpayer levy could be needed in 2028 to support the investments, according to the proposal.
Pike Place Market receives no operating funds from the city. Funds must be covered by rent and parking fees.
According to the proposed plan, the top 20% of tenants at Pike Place Market – all earning over $1 million in sales annually – generate 72% of the market's revenue. That means 50% of businesses in the local market make fewer than $300,000 each year.
This creates a "missing middle" that officials want to improve upon to ensure the financial viability of the market.
Thursday's meeting will be from 4 to 6 p.m. will be held on the third floor of the market. People can also join via Zoom.