With the aim to pair Vulcan’s commitment to small, minority-owned businesses and Ventures’ mission to serve low-income entrepreneurs, Ventures and Vulcan are partnering up to provide affordable commercial space to give Ventures’ clients an opportunity in a new development in Seattle’s Central Area as an effort to counter displacement.
Ventures invites all graduates of the Ventures (or Washington CASH) 8-week training program, currently called Business Development Training, to apply for the Ventures Jackson Street Retail Incubation Project. Ventures is the main leaseholder on a three-year lease, with an anticipated start date of September 2020 on a 520 rentable square feet (RSF) retail space fronting South Jackson Street between 23rd Avenue South and 24th Avenue South in Seattle.
This a new development with construction being completed this summer. Ventures will be subleasing this space at below market rate to a Ventures (or Washington CASH) graduate for the duration of the three-year lease with the landlord’s option to extend the lease on a direct basis to the selected client at the end of the three year sublease (August 31, 2023).
Ventures will be selecting a tenant based upon the following criteria:
· Applicant must be a graduate of the Ventures (or Washington CASH) 8-week training program, currently called Business Development Training
· Viable business plan with sustainable cashflow projections
· Business that is operating and owner(s) with demonstrated experience
· Landlord requires that the tenant’s business provide goods and/or services that generate foot traffic and activate the space. Examples of this include a hair salon, clothing boutique or retail store. Food preparation is not permitted on the site, however, a retail business selling prepackaged food is allowed.
· Applicants must reside within a 45-mile radius of the leased space.
· Diversity of the business owner to reflect the historically Black/African American demographics of the Central Area of Seattle
· Over 2 years in business operations
All applications must be received by August 2, 2020.
Project and Location
The retail space is located at the Jackson Apartments Project, 2401 South Jackson Street, Seattle, Washington, in the pavilion space known as Retail 5, consisting of approximately 520 rentable square feet (RSF) fronting South Jackson Street between 23rd Avenue South and 24th Avenue South, together with Tenant’s Proportionate Share of Common Areas (including loading areas). The address of the retail space is 2315 South Jackson Street.
Rent and operation details
Ventures will be the primary leaseholder, and the clients’ role will be that of a subtenant and will make payments to Ventures. For first three months of the sublease (September, October and November) subtenant will have their rent waived but will be responsible for the payment of separately metered utilities. For the months of December through May 2021, subtenant will be responsible for a monthly rent of $500 plus separately metered utilities. Starting in June 2021, subtenant will be responsible for the full monthly rent of $1,000 plus metered utilities through the end of the lease on August 31, 2023.
Subtenant will receive a Tenant Improvement (TI) Allowance of $27,500 to be used for all or a portion of the actual cost of Tenant’s Work. These funds will be reimbursed for actual expenditures. Tenant Improvements are the customized alterations a business owner makes to rental space as part of a lease agreement, in order to configure the space for the needs of that particular tenant.
By using the TI allowance, clients will be able to build a business space that is customized to their needs. Every business has specific needs, with some examples being adding walled offices, a break room, painting, flooring, and additional plumbing. This does not include things like chairs, furnishings, and lighting.
Subtenant shall operate the retail space not less than six days per week, and not less than nine hours per day, within the hours of 11:00 am and 9:00 pm. Parking is not included in the lease, but monthly parking may be available at market rates, subject to market increases, estimated to start at $200 per stall per month.
- Application deadline: Sunday, August 2, 2020 by 11:59pm submitted online HERE
- Ventures staff reviews applications and notifies top 3 clients on Friday, August 7, 2020 by 8pm.
- Top three applicants have interview with the Ventures selection committee and walk through of the space: August 10-15, 2020
- Ventures communicates final decision by Friday, August 21, 2020
- Ventures client submits paperwork and signs sublease to onboard on September 1, 2020
Elements of Proposal
Please submit the following information to complete your submission.
- First and Last Name
- Phone number
- Business name
- Social media handles (Instagram, Facebook)
- Review sites (if applicable)
- Type of business
- Number of years in business
- What is the structure of your business? (Sole proprietorship, Partnership, LLC, C-Corp, S-Corp, Other)
- If partnership, partner’s name
- Do you have an active Washington State Business License?
- Itemize your tenant improvement needs
- Will you require financing or additional capital for this project? YES/NO (Checking yes will not impact your application)
- If yes, how much?
Additional documents to be submitted (uploaded to question pro or emailed to firstname.lastname@example.org):
- Summary of business plan with projected financials and cash flow (please see attached business plan example)
- 2019 business tax return (schedule C or Form 1120) OR 2019 P&L + Q4 2019 bank statement
- 2018 business tax return
- Copy of business licenses
- Current business lease agreement, if applicable
- If a partnership or LLC, copy of Partnership Agreement or LLC Agreement
- Copy of Articles of Incorporation/Formation (if applicable)
- Statement of impact (optional as a place for clients to describe the impact of the opportunity for their business and/or describe historical financials or business trajectory)
- Please contact Bonnie Chiffelle, Training and Incubation Specialist for any questions or comments.
Phone: 206-352-1945In Incubation Spotlight Financial Inclusion, Local Economic Development, Small Business Resources