Construction of a cooperative grocery store in Northampton, Massachusetts will finally begin by the end of the month, after nearly 8 years of planning. The river Valley Market has announced it’s finalized its finances to begin building the store on king street. The business has received a $3.5 million loan from the bank of western Massachusetts and another $2-million through a community development program called “new markets tax credit.” River Valley Market’s board director Ed Maltby says, for a start-up consumer cooperative with no store already in place, pulling together this financing is a major achievement.
(listen to mp3 of Ed Maltby)
Maltby says the market has hired a Ware, Massachusetts construction company to build the store. The co-op will be housed in a 17-thousand square foot so-called “green” building and is expected to open by the end of the year.