Renton staff say market pavilion will be ready for World Cup; 10‑year lease due to council in March 2026

City of Renton staff told a council committee July 29 that construction on the Renton Market pavilion and adjacent Piazza is progressing and that the project is being scheduled to be ready for World Cup events next summer. "For the Renton market which includes the 1.5 SBA small business grant, we have a budget of 8 mil," a presenter said, and staff reported a notice to proceed was issued on 07/29/2025.

The update covered budgets, design, construction photos and the lease structure for the market operator. Staff said the pavilion includes 11,000 square feet of premises plus a 783‑square‑foot indoor market space and 1,766 square feet of exterior extension; parts of the Piazza will be governed by a separate licensing agreement. The city named Logan Market, LLC in the lease language as the long‑term operator to run a year‑round public market intended to support small businesses, local food vendors and community programming.

Why it matters: the market and Piazza sit in downtown Renton and are intended to activate public spaces, add small‑business incubator opportunities and produce recurring revenue for the city. Council members pressed staff on schedule, tenant recruitment, maintenance and equity in vendor selection.

Schedule and construction details: staff traced the project history back to 2019 and said bid opening occurred in June; the presenter said the NTP was issued 07/29/2025 and that construction work will continue into the spring and early summer of 2026. A phased occupancy is planned: Phase 1 joint possession on April 1, 2026, allowing the tenant to set up incubator booths while minor construction continues; Phase 2 handover to the operator by October 2026 with substantial completion set for May 2026. Staff said some anchor tenant spaces on the east and west wings will still require tenant build‑outs (kitchens, utilities) and that those tenant buildouts could take a minimum of six months depending on the tenant’s design and approvals.

Budget and revenues: staff reported the Renton Market budget as $8 million (which staff said includes a $1.5 million Small Business Administration grant), with approximately $2.5 million spent and roughly $5.4 million remaining. Staff described the Piazza as including a Department of Commerce grant; the transcript contains inconsistent figures for the Piazza budget and expenditures, and staff said they would provide the lease and supporting financial documents for council review. Beyond base rent, staff reported 30 assigned stalls and storage fees generating additional revenue, and provided step‑up revenue projections across the lease years.

Lease terms and operations: staff outlined an initial 10‑year lease term running April 2026–March 2036 with two mutual five‑year extension options. Phase 1 carries no base rent while the operator is responsible for utilities, insurance and leasehold excise taxes; base rent would begin in the Phase 2 period. Staff described a stepped rate the lease proposes: an initial $5 per square foot for years 1–2, $10 for years 3–4, $15 for year 5 and then annual escalation thereafter. "We felt that $5 a square foot was a good starting price to make sure that the start up of the market [was] sustainable," staff said.

Vendor selection and equity concerns: council members asked whether the operator or the city will select vendors, and whether equity provisions are built into the lease. Staff said the operator will recruit a mixture of food, arts and crafts and incubator tenants and that the lease contains some language around subleasing and anticipated vendor types, but that staff are not dictating exact tenant selections. "We are not dictating exactly who he should put in there as well," staff said; the operator has been described in the lease language as responsible for tenant recruitment while the city retains termination and oversight clauses.

Maintenance and logistics: Parks and Recreation will maintain Piazza landscaping, staff said, and design choices used Crime Prevention Through Environmental Design (CPTED) principles to reduce long‑term upkeep. Loading and delivery access will be on the north end (the former Ring City loading area); storage will be in the parking garage and staff confirmed assigned stalls will be leased at then‑current market rates posted by the city.

Documents and next steps: staff told council they will provide a copy of the operator lease for council review and that the formal lease agreement will be presented to council in March 2026. No formal council vote occurred at the committee meeting; staff framed the March presentation as the next procedural step. The committee closed by reiterating the priority to have the pavilion and Piazza ready for World Cup activity next summer.

Ending: staff thanked the committee and deferred additional detailed questions to the forthcoming lease packet and financial appendices, which they said they will supply to council members before the March 2026 presentation.