We had lots of great feedback on the program/presentation at this year’s annual owner meeting in October. Of course, not everyone could attend. So the board is working on creating a digital version of our presentation to post on our website and on social media for all members to check out.
Until we can get that created, I’m going to share a part of the presentation here: the part of your Co-op’s site search.
Let’s start with what our search area is. Since the beginning, we’ve been selling the vision of the Co-op as a store that will be “in or near downtown Cedar Falls.” The company that we hired to do a market analysis confirmed that this area would be our best option, and would ensure the most successful business model.
Using the market study, we concentrated our focus on the inner two rings of the map above, but also explored areas in the outer ring. In addition to the area, we were looking for sites that had roughly 8,000 square feet, enough parking for the store, high visibility, and a place for deliveries (like a loading dock). Then, in early 2015, a developer approached us with a possible site:
The area that was offered to us consisted of an L-shaped space at the corner of Second and State Streets. (Most of this space is now currently occupied by Second State Brewing.) There were a number of reasons why this didn’t work out, including a lack of parking and loading areas. Ultimately, though, in early 2015, we weren’t ready as a Co-op – not far along enough in our membership growth – to sign a lease and begin the necessary capital campaign. We simply needed a larger membership base before we could start a campaign of this size.
So, we continued looking, and then in June of 2017, a landlord approached us with another possibility:
The site was a suite in the Black Hawk Village, made vacant by the departure of Famous Footwear. Not only did this site have adequate space inside, but plenty of parking outside. The board strongly considered this option, but ultimately passed on the offer for a number of reasons. While not a deal breaker, the lack of a place to back up a semi behind the store was a huge problem with this site. But the fact that this was so close to a competitor and not near our ideal location (in downtown), the board decided to move on. And it wasn’t too long before we were approached by a developer with a very exciting prospect:
This developer had purchased the church at 7th and Main Streets, just a block south of the Parkade, and clearly within our target area. The developer was proposing a mixed-use building with apartments on floors 2 and above, and retail on the ground floor, and offered the main space on the ground floor to the Co-op. Very exciting indeed.
Exciting, yes, because it met many of our requirements including parking, which would be developed behind the funeral home. The Co-op and the developer went through several months of iterations of the space and lease agreements. Ultimately, and unfortunately, the developer withdrew the offer. However, it was during these negotiations that another developer approached the Co-op with an equally tantalizing site:
This was the Wells Fargo building and parking lot in downtown Cedar Falls, which is now currently being demolished for another project. The developer and the Co-op looked at many, many, many iterations of this space, starting from renovating the existing bank (we were imagining our wine selection in one of the vaults!) to building a two-story garage and walkway across 3rd Street to access the Co-op on State Street. Ultimately, an agreement couldn’t be reached, but the dreaming really took off, and we’re now using those dreams to fuel our current searching.
That’s it. That’s what we shared at the owner meeting – an update on where we’ve been. So, where are we now? I can tell you that the Co-op has stepped up its efforts to find a suitable home for the store. Such efforts include working closely with a local realtor, and approaching existing businesses to discuss the possibility of seeing if they would consider relocating to vacate their space for your Co-op.
I’m proud of the work our site search team has done over the years, and right now they are in negotiations at various locations with property owners and developers. I believe that a solution can be found and we’ll be announcing a future site for your Co-op very soon.
In the meantime, if you have any questions – or ideas – feel free to send them to me (tomwick@sbcglobal.net). I’d love to hear from you!
In cooperation,
Tom Wickersham