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Revitalizing Village Square
New York Firm Partners with Hazelwood to
Award Grants to Revitalize Village Square
Businesses would get free rent, start-up capital, but must apply by Feb. 28
Somera Road Inc., a New York-based commercial real estate firm, has announced a strategic partnership with the City of Hazelwood and the Hazelwood Industrial Development Authority to award grants that will enable and empower entrepreneurs in the Greater St. Louis metropolitan area.
The grants will provide the recipients with start-up capital and free rent in Village Square Center, an office and retail property located at the intersection of Lindbergh Blvd. and I-270. The space is currently undergoing a significant redevelopment and revitalization effort (see above rendition) .
“One of the most challenging expenses for any business – especially small business – is real estate costs,” said Michael Ervolina, Somera Road. “The Village Square small business grant will empower entrepreneurs in the community by providing a financial package to invest in their space, allowing them to open new businesses at the new and improved Village Square. Additionally, we are excited to provide the space at zero base rent, which will allow recipients the flexibility to focus on what’s most important – fulfilling his or her dream of launching a business,”
“There is enormous potential in Hazelwood and we are excited to tap into the ambitions of the local community in partnership with city officials,” Ervolina added. Interested candidates are invited to apply using the Grant’s website and online application. The deadline to apply is Feb. 28, 2020 and winners will be selected in a ‘Shark Tank’ inspired competition in April. Businesses such as restaurants, clothing boutiques, hair salons, among others are encouraged to apply. The program is available for local individuals and businesses with small, existing operations or new endeavors looking for retail space.
Recipients will be awarded funds up to $10,000 to be used for startup costs associated with building out their space at Village Square. Instead of a fixed monthly rent payment, rent will be based on a percentage of sales above a predetermined threshold, which incentivizes all parties to improve sales and make their business successful.
“Village Square has been a shopping destination and staple of the Hazelwood community for many years and is currently undergoing significant and much-needed renovation efforts,” noted Rebecca Ahlvin, Community and Economic Development Coordinator for Hazelwood. “We are inspired to see this center become the vibrant, exciting place it once was and we see this partnership and grant program as the vehicle to kick-start that initiative.”
“We have found from our work around the country that a successful town center is one that is embraced and intertwined with the community and its stakeholders,” Ervolina added. “It is with that knowledge that we roll out this program in parallel with our redevelopment plans so that the center can once again become the actual ‘village square’ and central community hub that it once was.”
To apply for the Village Square Small Business Grant, visit www.villagesquaregrant.com and for more information about Somera Road Inc., visit www.someraroadinc.com
