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Press Release

For Immediate Release

*Contact Information*

*Karissa Braxton, *Office of Mayor Bruce Harrell 

Karissa.braxton2@seattle.gov; 206-566-3545 

*Kristin Anderson, *Seattle Office of Economic Development, 

Kristin.anderson@seattle.gov; 206-635-0546 

*Marc Berger*, DH (for Grow America) 

marcb@wearedh.com; 206-356-0165 

 



ICYMI: City of Seattle, Grow America, and JPMorgan Chase Celebrate the Return of Beloved Marjorie’s Restaurant in Seattle’s Central District  

"Community staple and acclaimed restaurant to reopen through the Business Community Ownership Fund, a first-in-the-nation business property ownership program "

*SEATTLE *(Oct. 10, 2024) – Yesterday, Mayor Bruce Harrell joined the Seattle Office of Economic Development (OED), Grow America, and JPMorgan Chase to celebrate the opening of the new Marjorie’s Restaurant at Midtown Square at 23rd and Union. Marjorie’s is the second business to open a new commercial space through investments from the Business Community Ownership Fund (BCO Fund), a first-in-the-nation small business funding model that puts business owners on a pathway to long-term control and ownership of their commercial spaces.  

“The Business Community Ownership Fund is a prime example of Seattle’s pioneering spirit, and our *"One Seattle "*values in action. For two decades, Marjorie’s was a staple in our community, serving as not just a place to get a great meal, but a space for community to gather, connect, and feel at home. Now, through investments from the BCO Fund, Marjorie’s will once again welcome residents, workers and visitors back to connect and share a meal,” *said Mayor Bruce Harrell. *“The BCO Fund makes it possible for business owners like Donna to stay rooted in our city and focus on growing their business instead of worrying about rising rent costs or the building being sold. This new model makes generational wealth building not just an idea—but a reality for our business owners. I applaud our Office of Economic Development for leading this first-in-the-nation program and thank Grow America and JPMorgan Chase for partnering with us to support our small businesses.” 

Originally opened in 2003, restauranter and community advocate Donna Moodie named Marjorie’s restaurant in homage to her mother. Marjorie's quickly became a Seattle favorite, and staple in the Capitol Hill neighborhood, however, due in part to extraordinary impacts from the COVID-19 pandemic, Moodie shuttered Marjorie’s doors in 2023 after 20 years of service. Now, through investment from the BCO Fund, Moodie is reopening Marjorie’s in a new commercial space in Seattle’s Central District with a new concept while keeping the same spirit and focus on community.  

“I am grateful for the support I have received from the City of Seattle and Grow America. As a legacy restaurateur in Seattle, it has always been a struggle and a financial strain to open a business,” *said Moodie.* “This opportunity allowed me to be the visionary. I was encouraged to curate the dining experience I’ve always wanted to create for my community and loyal clientele. I am not anxious about rent increases, unreasonable landlords, or have the insecurity that comes from being a renter in an expensive and volatile city. We cannot wait to invite the community to experience the latest iteration of Marjorie. My mother would be so proud.” 

OED and Grow America launched the BCO Fund through a combined $20 million investment and an $870,000 grant from JPMorgan Chase to address the challenges of small business displacement and escalating commercial rents across Seattle neighborhoods. The Fund establishes real estate partnerships (LLCs) to acquire ground-level commercial properties within mixed-use buildings. Owners of participating businesses join the LLC, managed by Grow America, ensuring that commercial spaces are leased to them with stable and affordable occupancy costs, unaffected by market fluctuations. Moreover, the BCO Fund aids small business owners in remaining or re-establishing their presence in neighborhoods affected by economic shifts.   

In Seattle, Chinatown-International District, Central District, and Southeast Seattle neighborhoods are experiencing disproportionate impacts from rising commercial rents. Small business owners in these neighborhoods, particularly people of color, immigrants, women, and LGBTQIA+ owners, also face higher risk of displacement and higher barriers to accessing capital.   

Through the BCO Fund, participating businesses will secure commercial space in these prioritized neighborhoods at rates below market value resulting in the ability to save thousands annually. For example, If in Year 1, market rate rent cost is around $30k, a BCO fund business would pay about $28k.  In year 10, if the market rate cost has risen to more than $39k (assuming a 3% annual adjustment), a BCO fund business would still pay $28k a year in occupancy costs. This enables stability for businesses by preventing occupancy cost increases.

The BCO Fund is part of a continuum of economic development strategies [ https://www.seattle.gov/economic-development/grow-a-business?utm_medium=email&utm_source=govdelivery ] the City invests in to help close the racial wealth gaps, interrupt commercial displacement, expand equitable access to business capital, drive commercial affordability and ownership, and provide culturally responsive business assistance.  

 

*What People are Saying: * 

*Sara Nelson, City Council President* 

"The BCO Fund is an innovative way to remedy the displacement that threatens many small businesses, the jobs they create, and the gathering spaces that bind our communities together. I congratulate Donna for the relaunch of treasured CD gem Marjorie and I applaud Lake Union Partners for their partnership!" 

*Joy Hollingsworth, Seattle City Councilmember, District 3* 

“We are thrilled for the opening of Marjorie’s in the historic Central District. The City of Seattle with our Office of Economic Development is committed to providing resources for our small local businesses to be successful.” 

*Markham McIntyre, Director, Seattle Office of Economic Development * 

“Donna’s ability to bring people together through Marjorie’s shows how vital small businesses are for our communities. The Business Community Ownership Fund is part of our comprehensive suite of commercial affordability strategies to help address rising costs and remove barriers, leading to meaningful access for BIPOC entrepreneurs to resources and opportunities to build generational wealth. Our goal is to help businesses stay in their communities and succeed, and we’re incredibly excited for Donna and Marjorie’s.” 

*Daniel Marsh, President and CEO of Grow America* 

"Our mission at Grow America is to empower small business owners and provide them with the tools needed to thrive in an evolving market. The reopening of Marjorie’s Restaurant is a testament to the power of community ownership. By providing stable, affordable commercial spaces, we're not only preserving beloved local businesses but also fostering economic resilience in neighborhoods like the Central District. We are thrilled to support Donna Moodie as she reintroduces Marjorie’s to Seattle, continuing her legacy of community and culinary excellence." 

*Vicki Foege, JPMorgan Chase Philanthropy Manager* 

“JPMorgan Chase is committed to helping communities make long-term investments in programs that provide viable pathways for small businesses and entrepreneurs achieve self-sufficiency and success. We are honored to collaborate with the City of Seattle in this initiative and aspire for our investment to encourage other civic partners to join us in creating accessible pathways for small businesses helping to build long-term success of the local economy.” 

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*About the Business Community Ownership Fund: * 

Using an LLC structure, the BCO Fund purchases ground-floor real estate in mixed-used buildings in high displacement risk neighborhoods and secures financing for the project. Businesses become part of the LLC that owns the building, thereby securing control and long-term affordability. The stability of occupancy costs allows small businesses to stay in their neighborhood and redirect profits back into the business for further growth.  

*About Marjorie’s Restaurant:* 

Originally opened in 2003, Donna Moodie’s restaurant Marjorie is named in homage to her beloved mother. A warm, welcoming hostess and inspired home cook, Marjorie delighted in bringing people together around the family table to partake in delicious food and spirited conversation. Over her career as a restaurateur in Seattle, Donna emulates the values her mother instilled in her and uses them to build and celebrate community.  

 

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