Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
By Cathy DeDe, Chronicle Managing Editor
Nicholas “Nic” Ketter and Spencer Bray of Realize Brokers and Christina Richards of [farmacy] Restobar have signed on to run the first floor of 36 Elm, the former “incubator” building that is central to Glens Falls’s Downtown Revitalization Initiative.
The City is contractually committed to lease the space for 10 years from owner/developer Bonacio Development, and it sought private businesses to create something there.
Ms. Richards will manage the commercial kitchen and the open events space in the back corner of the room, adjacent to The ED Market Center.
Realize will build out several booths or kiosks along the walls to lease to “small startups and niche entrepreneurs looking to launch their first location, as well as established businesses from other markets looking to pilot a concept and enter ours,” they wrote in their proposal.
“It’s a middle ground between having a stand at the Farmers Market or the Shirt Factory, and a full storefront,” Mr. Ketter says. “The spaces provide infrastructure for them to take that next step. It’s still in the early stages.”
Mr. Bray says, “36 Inc.: It stands for ‘Incubator’.”
The duo will fit out the spaces. The LDC approved a $75,000 Small Business Support Grant, towards the expected $100,000 cost to begin the fit-out.
“It’s a public-private partnership, as the City intended,” Mr. Ketter says.
Mr. Ketter and Mr. Bray will pay the City a flat rate of $1,800 monthly in year one, increasing over the five years to $2,200 monthly, with an option to lease for an additional five years.
The City is responsible for taxes, utilities, HVAC and building infrastructure. The space includes both rentable booths and open public spaces.
The management agreement for the commercial kitchen is separate from that with Realize.
Mr. Ketter says income from catering and events in the commercial kitchen will help generate revenue. The kitchen can also be rented to support events held at the ED, the Market Center now separately run by Ardie and Dan Russell.
For the incubator, they plan six booths, plus an office that will take up part of the vestibule facing Elm Street.
“It’ll have an open flow, with room for community events, things like vendors and carts,” Mr. Ketter said.
For the incubator spaces, he says, “We will find the right operators. Five years ago, we saw the potential of what was happening here on South Street. It’s why we picked our spot when we moved our business to the corner (of South and Glen Streets).”
“We are entrepreneurs,” Mr. Ketter tells The Chronicle. “We started in a small space in the strip mall by Talk of the Town, until we grew out of it. It’s a natural path we experienced, of growth toward success. That’s what inspired us to support fostering growth of other businesses here.”
“The concept is designed to lower the cost and risk of opening or piloting a business to as close to zero as possible,” Mr. Ketter wrote in Realize’s proposal.
“The mix would include a few premium/marquee retail spaces, several standard booths, and a small number of food counters operating from a shared kitchen — all connected by open, public circulation, so the space stays active, welcoming, and genuinely a destination for the community to visit and patronize.
“Beyond providing the space,” he continued, “we intend to support our tenants as they get off the ground, lending guidance on business planning and general early-stage needs as they grow. The model is built as a ladder: an owner can open with minimal build-out, prove their concept alongside their neighbors, and — as they grow — graduate into larger space here or into a permanent storefront elsewhere in the City. We believe this is exactly the kind of project the City’s downtown investment is meant to catalyze.”
Ms. Richards told the Chronicle separately by email, “The plan as of right now is for the kitchen space to be a fully functioning catering kitchen for hot and cold use. The kitchen can be rented out in conjunction with larger events offering food at The Ed, as well as smaller events such as private parties, chef tasting dinners, birthday parties etc.
“The rear space of 36 Elm, closest to The Ed will also house a gathering space for these smaller more intimate affairs. The idea is to be a one stop rental (between both buildings) for large or small events for people who are looking for a venue that is outside of a ballroom.
“My focus will solely be the catering kitchen and community gathering space. I will be fielding inquiries for rentals and managing the event calendar for the space,” as well, potentially, as the basement space, Ms. Richards says. That will likely be rented as storage space for upstairs apartment tenants.
“The Ed and 36 Elm were always intended to complement each other.
“I think between the Russells, myself and the Realize team we are diversifying the spaces in the best way possible to make the best use of the spaces, make the most sense for the community and drive some commerce to the area.”
Ms. Richards added, “We know the public is eager for details, however a lot of these items are in the infant stages and may evolve as time passes.”
“Ardie and Dan (Russell) have been great to work with,” she said. “They have great ideas and I look forward to watching that space evolve as well.”
“I think I speak for us all, that we are happy to share or answer any questions. If people have input or ideas we are happy to listen to those as well. We really just want to see these spaces that have had so much time, energy and resources poured into them give something back to our community that is missing, and help our revitalization continue to move forward.”
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