The new market is projected to bring in over $30 million in new sales of food products per year, based on sales figures for similar markets in other cities, Fogelman said.
The market will have 14,000 square feet of rentable space, including up to 30 permanent retail stalls and up to 60 interior and exterior retail day stalls for agricultural and specialty food vendors, Fogelman said.
Planners also envision year-round community programming, educational events and entertainment, she said.
“While produce will certainly be one component, this will primarily be a marketplace for New England-produced specialty food items,” she said.
Planners also visualize the new market as “an educational center — teaching consumers of all income levels, visitors and children about the health benefits and pleasures of eating fresh, local and sustainable grown seasonal food,” Fogelman said.
The estimated cost of building the market, which could open this year, is about $8.5 million. A mix of state, federal and private funding sources is expected to pay for it.
Produce vendors at Boston’s twin terminal markets, in Chelsea and Everett, generally agreed that the new market would have little effect on their business.
“The question is will our base be going to go downtown? I tend to doubt it,” said Yanni Alphas, president and chief executive officer with the The Alphas Co., Chelsea.
The idea is sound, though, said Victor Simas, vice president of sales with New Bedford, Mass.-based Sid Wainer & Son.
“Anything that promotes local production we’re all for,” he said.