By Aaron Allen, The Seattle Medium
Seattle Mayor Bruce Harrell, along with representatives from JPMorgan Chase, the Seattle Office of Economic Development (OED), and Grow America, celebrated the reopening of Marjorie’s restaurant, a beloved community fixture, in its new Central District location. The reopening is part of the Business Community Ownership Fund (BCO Fund), a groundbreaking program designed to help small business owners secure long-term ownership of their commercial spaces, ensuring stability and creating opportunities for generational wealth.
Donna Moodie, owner of Marjorie’s, expressed hope and optimism after having to close the restaurant in 2023 due to the COVID-19 pandemic. Now, with the support of the BCO Fund, she feels more secure in the future of her business and her ability to pass it on to future generations.
“I am hopeful,” said Moodie. “I have taken a few precautions post-pandemic, as we see a lot of small business owners take. It’s a smaller footprint than my previous location, but now, through this fund with Grow America and the City of Seattle, I am an owner of the space. This sense of not having to worry about being displaced or facing some ridiculous rent increase, I feel so blessed to be in this position. I don’t really care about the real estate value of it. What I really care about is being home and feeling like I’m home, and I can stay here. And when it’s no longer possible for me to do it, I can pass it on to have someone else have that same experience.”
Originally opened in 2003 and named in honor of Moodie’s mother, Marjorie’s was known for its welcoming atmosphere and spirit of community. Moodie described how her mother’s love for cooking and hosting gatherings inspired the restaurant.
“My mother never did anything formal as it relates to owning a restaurant; she wasn’t formally trained,” Moodie shared. “She just grew up with a love of cooking and also a really beautiful love for entertaining. She could make any guest feel welcome. We always had nice food, good ingredients, but our house wasn’t fancy. We didn’t have enough seats or tables. People would sit on the floor with plates on their laps. Very much what you would see in Jamaica, like a house party. That’s how I grew up, and Marjorie’s is an extension of that—open arms, welcoming people, and trying to provide an environment that makes everyone feel welcome.”
The BCO Fund, a first-of-its-kind initiative, was created to help small businesses thrive by offering them the chance to own their commercial spaces, protecting them from rising rents and displacement. The program aims to lower tenant costs, increase business income, and create economic stability, particularly for businesses in neighborhoods vulnerable to gentrification.
Harrell praised the BCO Fund and its impact on small businesses like Marjorie’s.
“Small businesses are the backbone of our economy and the cornerstone of our community,” Harrell said. “Those who have visited Marjorie’s know it’s never just a restaurant—it’s a gathering place, a meeting space, and a symbol of connection and belonging. The BCO Fund allows business owners like Donna to stay rooted in our city without worrying about rent hikes or losing their space.”
Vicki Foege, JP Morgan Chase’s philanthropy manager, highlighted the importance of the collaboration between the City of Seattle, Grow America, and her company in making the BCO Fund a reality.
“About four years ago there was an idea where Grow America approached JP Morgan Chase with this idea of a new way to help small businesses come together,” says Foege. “They were already partnered with the city of Seattle and we were thrilled to be able to come in with $870,000.00 to help Grow America put the foundation of the program together and provide them with the ability to provide grants towards small businesses, to help the businesses grow back where they needed to be, get them set up and be able to provide an ownership piece to their business grow their revenue and their wealth over time.”
The BCO Fund addresses a critical need for small businesses, offering them the security of stable, affordable occupancy costs that are not subject to market fluctuations. For Moodie, this means Marjorie’s can continue to serve as a vital part of the community without the fear of sudden financial strain.
“I don’t care about the real estate value of it,” said Moodie. “What I care about is being home and feeling like I can stay here. When it’s no longer possible for me to do this, I can pass it on to someone else who can have that same experience.”
Harrell also emphasized the historic nature of the BCO Fund, noting that it is the first program of its kind in the nation.
“The BCO Fund has invested over $2 million in Marjorie’s—$1.1 million from the Seattle Office of Economic Development and a $1 million match from Grow America,” Harrell stated. “This is an innovation in business property ownership that gives participating business owners stability and the ability to focus on growing their businesses without the stress of rent spikes.”
For Seattle’s small business community, particularly those owned by people of color, immigrants, and women, the BCO Fund represents a new way to combat the financial challenges many face, especially in neighborhoods where rising commercial rents threaten their ability to remain in business. Chinatown-International District, the Central District, and Southeast Seattle have been especially hard-hit by commercial rent increases, leaving many small businesses at risk of displacement.
Foege highlighted the fund’s specific focus on communities that have been disproportionately affected by the pandemic and economic shifts.
“This is very important in our community,” says Foege. “We have businesses that have struggled after the pandemic. Especially our Black and Brown owned businesses in the area, coming back and being able to have the same opportunities from a financial standpoint. This program really helps businesses grow to a different level.”
The BCO Fund enables participating businesses to save thousands of dollars annually by offering commercial spaces at below-market rental rates. For example, if market rate rent is $30,000 in Year 1, a BCO Fund participant would pay around $28,000. After 10 years, even if market rent rises to over $39,000, the business would continue paying $28,000, providing long-term stability.
The Fund is part of a broader economic development strategy that the City of Seattle is investing in to close the racial wealth gap, combat commercial displacement, and ensure equitable access to business capital. By helping small business owners remain in their neighborhoods, the BCO Fund fosters community resilience and supports culturally responsive businesses that enrich Seattle’s diverse neighborhoods.
Reflecting on the reopening of Marjorie’s, Moodie expressed gratitude for the opportunity to once again serve her community.
“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,” she said. With the BCO Fund’s support, Marjorie’s is set to continue being a cherished gathering place for years to come.
“This isn’t just about property ownership—it’s about giving business owners a path to generational wealth,” said Harrell. “This new model makes that dream a reality.”
