Funding Community ThreadsCommunity Threads current occupied 6700 square feet rental space has been self-sufficient since its conception. However, our near 30,000 square feet warehouse has been neglected and is now our main focus. The proposed financing methodology for a recent construction quote includes a total development cost of approximately $1.9 million. The construction/permanent financing loan and additional project financing has not been determined yet. However, our hope is that it will come in the form of an angel financer, capital campaign and/or grant/crowdfunds. Reduction of permanent debt will allow tenant rents to remain affordable. While lease rates downtown averaged $18 to $27 per square foot for Class A space and $18 to $22 per square foot Class A space in the suburbs. Class B rents range from $13.50 to $18 per square foot. Therefore Community Threads realizes that our discounted rate of $1.50 to $2.00 per square foot in the current building is very affordable to the small businesses we serve. This suggests that the office space available in a new build maybe the same and with that Community Threads is a desirable alternative for usage in this community to our artisans.
Demographics in Central Ohio have a steadily growing population and a healthy economy making it an attractive service industry market. Franklin County and the other contiguous counties will continue to experience growth, particularly with the different ethnic populations.
The fastest growing age of the population is between 40 and 60, along with the 65+ age group, which comprises approximately ten to twelve percent of the population. However, our program activities will be provided to various age groups from school age to the elderly.
In addition, an increasing number of Somalians, Asians, Ethiopians and Hispanics and others have migrated to the city limits primarily for employment and economic empowerment.
Our focus will target all age artisans preparing for business or the workforce and older adults upgrading their skills to be more useful to the changing workplace.
Livingston Avenue and Nelson bound the target area on the south and east; I670 on the north; and Neil Avenue on the west bound are the target area for the proposed services by Community Threads.
This marketing strategy includes, but is not limited to, the creation of a web site, allowing our target audience to access our web 24 hours a day and seven days a week. We believe including the latest technology for marketing purposes as well as training is a key to success for our program.
We will begin a targeted public relations campaign to promote our services to community residents. We will encourage the use of professional consultants within all ethnic backgrounds. Most importantly, we will streamline services with other community providers to create a one-stop-service model.
The above-targeted demographics combined with our overall strategy will yield a successful product in terms of employment and business alliances.