{"id":16066,"date":"2014-12-16T14:26:45","date_gmt":"2014-12-16T19:26:45","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/investors-examine-the-development-of-building-to-spur-whitehalls-downtown.html"},"modified":"2014-12-16T14:26:45","modified_gmt":"2014-12-16T19:26:45","slug":"investors-examine-the-development-of-building-to-spur-whitehalls-downtown","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/investors-examine-the-development-of-building-to-spur-whitehalls-downtown\/","title":{"rendered":"Investors Examine The Development Of Building To Spur Whitehall’s Downtown"},"content":{"rendered":"
\n
\n\"whitehall\n<\/div>\n
A group called Whitehall Forward wants to buy and develop this 14,000-square-foot, three-story structure at 80-84 Main St. for commercial, retail and rental space\n<\/div>\n<\/div>\n

BY BARBARA PINCKNEY<\/p>\n

A single building, and residents willing to
\ninvest in their village, may be the keys to the
\nrevitalization of Whitehall.
\nA group calling itself Whitehall Forward
\nis eyeing the 14,000-square-foot, three-story
\nstructure at 80-84 Main St. as the first step
\nin a plan to breathe new life into the village’s
\ndowntown, which has little commercial activity.<\/p>\n

The redeveloped building would most likely
\nhave commercial or retail space on the first
\nfloor and upscale apartments on the second
\nand third floors, according to the group.<\/p>\n

Whitehall Forward has formed a limited liability
\ncorporation to allow people to become
\nshareholders in the project, using the “Main
\nStreet LLC” concept created by Rick Hauser,
\nan architect and the mayor of Perry, N.Y., in
\nWyoming County. Additional funds could come
\nfrom bank financing and\/or state grants.
\n“I think there are many people in Whitehall
\nwho want to see something happen but just
\ndon’t know what to do,” said Whitehall Forward
\nmember Bethe Reynolds, an agent with Keller
\nWilliams Realty who also sits on the board of
\ndirectors of the Whitehall Chamber of Commerce.<\/p>\n

“You can have this grand vision, and
\nyou can take this vision and certainly spread
\nit further. But you have to start somewhere,
\nwith something that is achievable.”<\/p>\n

The idea started more than a year ago, when
\nReynolds, as a representative of the Chamber,
\nattended a state conference on downtown revitalization.
\nHauser was a featured speaker, and
\ntold of how investments by a Main Street LLC had revitalized Perry. He has since brought
\nthe concept to several other upstate towns,
\nincluding Batavia and Geneva.<\/p>\n

“Bringing a group together to revitalize a
\ndowntown building minimizes the risk for any
\none investor,” Hauser said. “[And] you’re creating
\nan ownership in the future of downtown.”
\nReynolds was inspired by Hauser’s speech.
\nShe took the idea to the Chamber, which
\nagreed to put up $1,500 to have Hauser come,
\ntalk to residents and business people, and
\ntake a look at 80-84 Main St. About 50 people
\nattended Hauser’s speech in early October.<\/p>\n

Hauser said Whitehall is in a good position
\nbecause it is a National Register Historic
\nDistrict, which means property owners would
\nqualify for tax credits if they commit money
\ntoward rehabilitating their properties.
\n“At the end of the day, the payoff is potentially
\nenormous,” he said.<\/p>\n

Reynolds said a number of people have since
\nsigned up with Whitehall Forward, wanting
\nto get involved in the redevelopment of 80-84
\nMain St. The group has succeeded in raising
\nthe $3,500 needed for Hauser to return and do
\na feasibility study on the building.
\n“He would basically give us a plan of what
\nwe could do with that building, what it would
\ncost, and so on,” she said.<\/p>\n

The three-story brick building, a former
\ntheater, has some occupied apartments, renting
\nfor between $400 and $500 a month, but
\nReynolds said there is plenty of room for an
\nupgrade. The space is listed for sale, by Keller
\nWilliams, for $149,900.<\/p>\n

“It fits in a very strategic spot,” Reynolds
\nsaid. “If it were operating the way I would like
\nto see it, and the way other people would like
\nto see it operate, it would be a shining jewel
\nfor downtown.”
\nShe said a retailer such as a sporting goods
\nstore, to cater to people enjoying the South Bay
\nlake, might be a good fit. Another possibility
\ncould be a boutique hotel, which is needed in
\nWhitehall.<\/p>\n

“That building has an awful lot of potential,”
\nshe said. “The third floor has really gigantic
\nwindows and 20-foot ceilings. They were
\noriginally theatres. So the space up there is
\njust phenomenal.”<\/p>\n

Whitehall’s Main Street is not deserted.
\nThere is a Community Bank N.A. branch, a
\nlaundromat, a tavern, a jewelry store, a restaurant
\nand several apartments. There are also
\nother buildings undergoing redevelopment.
\nBut there are also several vacant storefronts,
\nshe said.
\n“It is a beautiful area, it’s in a valley, it looks out at the water–Lake Champlain is there at
\nyour doorstep–but from the street level it
\nlooks like there is not much going on,” Reynolds
\nsaid. “It is very difficult to get people to come
\ndowntown when there isn’t anything there.”
\nShe said other investors would feel more
\ncomfortable taking on projects in Whitehall
\nif they saw development taking place on Main
\nStreet.<\/p>\n

The project “would help the whole process
\nalong,” she said. “I don’t think anyone in the
\ngroup that is putting up the money for the feasibility
\nstudy is looking to make a giant profit.
\nWhat we are looking to do is put money back
\ninto the economy, and get something that can
\nactually sustain itself with rent and build on
\nthat to help the downtown.”<\/p>\n

Once Hauser has completed the feasibility
\nstudy and estimated the cost redevelopment, the LLC would raise what it could from investors
\nand look to grants and bank financing for
\nthe remainder. Reynolds said it is even possible
\nfor a contractor to agree to do the work
\nand be paid in shares of the LLC.<\/p>\n

Reynolds envisions a time when Main Street
\nis developed to the point that part of it can
\nbe shut off to vehicles and become a place
\nwhere people stroll, shop, dine and enjoy the
\nlake. The street has little traffic now, because
\nit is easily bypassed by other routes through
\nthe village.<\/p>\n

“The downtown in Whitehall used to be like
\ngoing to the mall,” she said. “And for a lot of
\nthe locals who grew up here it is very demoralizing
\nto see what has happened. But I’ve been
\nhere for about eight years and I just say ‘Hey,
\nwhy not?’ People can come together and make
\nthings happen.”<\/p>\n","protected":false},"excerpt":{"rendered":"

A group called Whitehall Forward wants to buy and develop this 14,000-square-foot, three-story structure at 80-84 Main St. for commercial, retail and rental space BY BARBARA PINCKNEY A single building, and residents willing to invest in their village, may…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,138],"yoast_head":"\r\nInvestors Examine The Development Of Building To Spur Whitehall's Downtown - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/12\/investors-examine-the-development-of-building-to-spur-whitehalls-downtown\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Investors Examine The Development Of Building To Spur Whitehall's Downtown - 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