The News You Have Been Waiting For!
We can hardly hold back our excitement as we make the announcement we know you have all been waiting for! We are so pleased that our holiday gift to you is the news that WE HAVE A CONTRACT IN PLACE FOR A SITE FOR WILD ROOT MARKET COOPERATIVE!
(Drum roll, please)
Our first Racine location will be:
1101 Grove Avenue in West Racine
(Formerly the site of a Piggly Wiggly grocery store)
We recognize there has been a great deal of speculation in the community that this property would be our eventual site and it may come as no surprise that we made this decision. While the potential of this site may have seemed obvious, there were many factors to evaluate and consider for this location and others -- and we needed to be ready to make this commitment on your behalf. We also needed a critical threshold of owners to take this important step and we are so grateful for the trust and faith each of you has shown in this project.
The good news is we are well prepared to move forward and we are confident this centrally located site offers the best potential for a successful store. Among its many advantages:
It was formerly a grocery store so it already contains important infrastructure that may reduce construction expense.
It generated the highest sales projections in both our market studies.
It has plenty of parking and it is on a bus line.
It is located within a densely populated residential area that also happens to be a federally designated “food desert.”
Its location next to a CVS Pharmacy and its close proximity to other thriving businesses in West Racine offer important retail synergy.
At this time, we have a contract in place allowing us access to the property to conduct further due diligence. That process involves soliciting bids from contractors to make sure the property has no significant structural or environmental defects and for store design and renovations.
These bids will allow us to finalize our financial pro forma so we can raise sufficient capital to renovate and open the store.
The capitalization process will be a significant effort that we anticipate undertaking in early Spring. In previous communications we have mentioned that voluntary Member-Owner loans provide a significant share of new co-op start-up financing and we will be communicating with you about that in greater detail in the coming weeks.
For now, the important thing to know is that we have the property under contract with contingencies that allow us to access it as needed and provide a period of time for raising the necessary capital. With this contract in place, no other entity can lease or purchase the site while we complete the remaining work.
Where Else Do YOU, Our Amazing Owners, Fit In?
This is where it will get really exciting. We will be planning a special event in the coming months so we can properly celebrate this huge milestone, display preliminary architectural renderings and offer an early tangible experience of Wild Root Market.
Yes, there is more to come – but for now, let’s all enjoy the busy Holiday season knowing that 2014 will truly be the Year of Wild Root Market!
PS: If someone on your gift list has been waiting for this announcement to join the co-op, an ownership would be a fantastic and appropriate gift. Hint, hint…(Remember, those who join before the store opens will be forever designated as Pioneering Owners.)
Click here for access to our Paypal signup page (but please be aware that our official Member-Owner materials will be sent after Christmas.)
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