The former Kmart on north Main Street, vacant for five years, is the center of a planned development to serve the growing Latino population in the Longmont area.

Plaza Medina, a new 11-acre Latino marketplace project, was unveiled Saturday morning by the trio spearheading the plan.

Marta Loachamin, Nino Gallo and Steve Elliott shared their vision with a group of city officials and residents and described how the Plaza Medina would support the community in a variety of ways.

Loachamin has been in the Longmont area since 1999 working in mortgage and real estate. She also teaches Spanish classes for the St. Vrain Valley School district in Niwot and serves on the Boulder County Long Term Flood Recovery Committee, National Association of Hispanic Real Estate Colorado Board of Directors, and the Advisory Committee for Boulder County’s Latino History Project.

Gallo coordinates the Personal Investment Enterprises program that is a matched savings account for low-income individuals. Currently he is the President of the Board of Directors of the Immigrant Legal Center of Boulder County.

Elliott is a Colorado native and a consultant on organizational development and process improvement. He moved to Longmont in 1984.

“A great idea sparks from a need,” said Marta Loachamin. “The Latino population of Longmont is very diverse.”

And it’s growing, she explained, at 8 percent a year.

The area would become a multi-zoned retail, commercial and residential development that would serve the Latino population, while also building Latino assets through ownership of condominiums and small businesses.

“This is a very exciting project for the city and community of Longmont and our Latino community,” said Janine Ledingham, small business director for the Longmont Area Economic Council. “We are looking forward to supporting this project to help it become a reality and an asset for our community.”

The plan would include three levels of between 120 and 160 affordable west-facing condos, with sizes ranging from one-bedroom to four-bedroom units.

Unlike most developments where the retail stores lease, this plan would involve selling the property to the shop owners, allowing them to build equity. This, Loachamin said, will make the businesses more sustainable and when shop owners retire they will have property to sell or pass on to future generations.

To get the project started, the group plans to secure short-term investment, after which the stores would be sold directly to the businesses that wish to occupy them. There will be dozens of small and large shops in the plan as well as restaurants, meeting halls, galleries, and more to serve the Latino community.

“Of course it’s always money,” said Steve Elliott about launching Plaza Medina. “I’m encouraged that the investors we’ve been talking to, think this is a reasonable thing.”

Elliott added that the city is very supportive, as is the Latino Chamber of Commerce of Boulder County.

“Anytime there is a bottom line that says sales tax revenue, they are encouraged by that, and they want to help us move it along.”

Elliott also says the Plaza Medina tackles a problem long on the city council agenda: affordable housing. “We’re hoping to solve several problems for the city.”

“If you think about what this does for the image of Longmont as a center that welcomes diversity, this really is a shining star.”

“I think Longmont is a perfect community for this,” said Nino Gallo, a past president of the Latino Chamber. “Because we have 27 percent Latino population, and within five miles we have a population of around 21,000.” He added that within 15 miles of the Plaza Medina site, the Latino population is close to 40,000. “In a small area we can reach a lot of Latinos.”

Next up for the trio is preparing a prospectus for stockholders, preparing an investor packet, canvassing retailers and signing a contract for the property.

The team believes the contract for the former Kmart will be signed this spring.

“This is just our first meeting with the public,” Loachamin said. “These things take time and we’re looking at a two year timeline.

Loachamin, Gallo and Elliott have formed the Plaza Development Corp. and hope to have a website with more information up and running by May 1, at www.plazamedina.com.

Vince Winkel: 303-684-5291, winkelv@times-call.com or twitter.com/vincewinkel