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Prosper Portland鈥檚 board on Wednesday unanimously approved allocation of a $750,000 grant to help rehabilitate Portland Mercado.

The venue鈥檚 building, in Southeast Portland鈥檚 Foster-Powell neighborhood, suffered heavy damage in a Jan. 3 fire that started in a bar. The building, which housed a collection of Latin food businesses, remains closed. Several food carts have reopened in the adjacent parking lot.

Portland Mercado, which opened in 2015, sits at the intersection of Southeast 72nd Avenue and Foster Road. The venue is operated by Hacienda Community Development Corp., an affordable housing developer that also offers a variety of community programs.

The renovation of the building is estimated to cost $1.96 million. The costs exceeding the grant amount are expected to be covered by insurance and fundraising, according to a Prosper Portland report.

The proposed improvements include repairing the bar and adjacent commercial spaces, adding exterior balcony seating, including rain and sun canopies, to exterior areas and enhancing the property鈥檚 overall usability.

鈥淲e have an option to rebuild Portland Mercado even better than what it was before,鈥� said Ernesto Fonseca, CEO of Hacienda CDC.

Grant funds will come from the Lents Town Center tax increment financing district.

鈥淲e believe this investment reinforces our commitment to Portland鈥檚 small business community and further strengthens our partnership with Hacienda CDC,鈥� Prosper Portland interim Executive Director Shea Flaherty Betin stated in an email on Tuesday. 鈥淲e look forward to the Mercado once again serving as a resource for entrepreneurs, a hub of Latine culture in Portland and a national model for neighborhood asset building.鈥�

Hacienda CDC has raised more than $200,000 of its fundraising goal of $303,910. (Donations can be made at ).

Prosper Portland has backed the project from the beginning. The agency purchased the property 鈥� formerly a used car lot 鈥� in 2011. The next year, Prosper Portland provided Hacienda CDC with a grant to conduct a market study. Hacienda CDC, through a subsidiary, leases the property from Prosper Portland.

Prosper Portland鈥檚 staff 鈥渇ielded numerous inquiries from the public and elected leadership about the status and importance of the Portland Mercado,鈥� according to a staff report.

Portland Mercado regularly hosts events and serves as a ballot drop-off site.

鈥淚t really became not an asset of Hacienda, but an asset of the community,鈥� Fonseca said.