Following a site fire that resulted from civil unrest, the community identified a need for communal space to regenerate the neighborhood. Through public and private collaboration Sherman Phoenix employed four revitalization strategies to became that destination.

Given the extensive damage done to the building and its previous use as a bank, a complete rehabilitation was done to make Sherman Phoenix Marketplace a functional and welcoming space. Funding for the project was collaborative, comprised of funds from a collection of local philanthropists, business owners, community development corporations, and the government. These investors were provided the opportunity to become part owners.

The space first opened in 2018 and after a little over a year of successful entrepreneurship, commerce, and events, it closed temporarily due to COVID-19. However, in June 2021, it reopened and has successfully continued as a hub of opportunity for marginalized entrepreneurs in the area.