South Orange Board of Trustees Receives Co-Lab Update and Budget Presentation
By Elise Margulis
Published October 24, 2023 at 10:09 PM
SOUTH ORANGE, NJ — Last year, Village residents enjoyed holiday shopping at a variety of pop up shops housed in the Taylor Vose building. On Monday night, the Co-Lab Committee gave the South Orange Board of Trustees an update on their plans for the space and a proposed budget.
Village President Sheena Collum summarized last year’s pop-up shop experience. “We were calling it a retail incubator space and a collaborative space.” She added, “During the time of the financial agreement, we could pass along those savings to an organization, a nonprofit, who then could reduce the rents for people who wanted to participate by selling their services or their merchandise, etc.” She also mentioned drawing shoppers into downtown because so many residents go to a mall or shop on Amazon.
Collum pointed out that on the financial side, the developers of Taylor Vose contributed $700,000 for the space and for community improvements including sidewalks and lighting around the project area.
Laura Fernandes, Chair of the Co-Lab explained what her team has been working on. “The Co-Lab is planning to become a thriving nonprofit that's going to deliver growth year after year in the long run.” They already have a 501(c)(3). “Our mission is to help local entrepreneurs and creators launch their brick and mortars,” shared Fernandes. She added, “We want to help businesses past hurdles to create a place where creativity and commerce can really intersect.”
She introduced the board: Vice Chair Joseph Gabriel, Treasurer Sean Mosier, Secretary Amber Zamora, South Orange Downtown resident board member Hannah Zollman and Small Business Advisor Nicole Joey. Fernandes shared that the board members have different professional backgrounds and all contribute different things.
The Co-Lab the hired a consultant named Latricia Wilder to lend her expertise. Wilder said that she owns a brick and mortar business as does her husband. She spoke of the Co-Lab vision. “Entrepreneurs have the opportunity to practice and grow their business and work through the business in a structured environment that gives them support” without having to rent or buy a building.
Wilder noted that the Co-Lab made a list of 10 vendors that be a good fit for the space. She reported, “Throughout our process, the list grew to over 65 and counting interested vendors for this space. So we wanted to make sure that we connect it to as many people in the SOMA area and as well as make it as equitable and as easy and as fair for as many people that may not normally know what is going on.”
Wilder spoke of creating a collaborative space where information, resources, knowledge and experiences are shared. She stated, “We want graduates of the Co-Lab to be able to come back to meetings and give back to those that are coming through the process.”
Wilder described the area, “It’s a true incubator space that helps elevate businesses without being in their business.”
According to Wilder, there will be a top tier of businesses that are the anchors or semi anchors that have had brick and mortars but don’t currently because of COVID or another reason. They can get back into the business without committing to a five-year lease, etc.
Wilder described the pop ups as businesses for people who want to try an idea out. They may have a full time job and are starting a side hustle. She said pop ups can become anchors.
She commented, “We are activating South Orange with food and beverage, events, vendors and fun activities for all age groups.” Wilder offered several examples: a writing workshop for children, a creative writing workshop for adults, a wine event, an educational workshop and more.
She said, “Our tagline is Shop Local, Shop Small, Shop South Orange. The Co-Lab is a destination.” According to Wilder, the Co-Lab will have an operations manager to manage the pop up calendar, and a marketing and social team to publicize and promote the calendar.
Wilder noted that Small Business Saturday is November 25 and is a great day to open the anchor businesses. She has interviewed 64 vendors, and interested businesses continue to contact the Co-Lab. She said the potential vendors like the business model of the Co-Lab.
Treasurer Mosier presented a three-year financial plan to show the trustees how much money they will need. “We've received just over $70,000 from the Village to really accelerate the progress. We hired Latricia and started to get the Co-Lab open over the past year or so, and we still have about $30,000.”
He expected that they would “virtually break even” in three years, and they will apply for grants. Mosier said, “What we're here asking for tonight is the $95,000.” The Co-Lab will charge $3.75 per foot per month, which is $45 per square foot per year. He showed a slide summarizing estimated costs and income (see above).
Village Administrator Julie Doran explained, “None of the money that's being requested or that's been spent to date is taxpayer funds. Everything is being funded through the developer’s contribution to the Community Benefits Agreement.”
