Despite research indicating significant challenges of market-based schooling, charter schools remain a growing trend in the United States. In this article, we examine an emerging market model: a K-12 system of charter schools under one charter board meant to serve as a city's school district. To assess the fit of the market model, we employed a qualitative case study design, using interviews with school board members and the superintendent, and document analysis of school governance documents including the district's bylaws, organizational charts, and state law. We analyzed our findings against a theory of school governance and found that despite the intent of local actors to create a school district that served all students, the market approach to whole-district schooling created gaps in service. This article raises important insights into the use of market models and the underlying philosophy of governance in shaping educational offerings for students, families, and communities.