Klinkhart Arts Center
Sharon Springs, NY / Real Estate Development Opportunity
Real Estate Development Opportunity
Project Name: Klinkhart Arts Center
Location: N/A
Total Project Size: $5,500,000
Equity Amount Seeking: $1,000,000
Local Agency Partner: N/A
Contact Email: N/A
Contact Phone: N/A
Sponsor: N/A
Why Klinkhart Arts Center is a Great Opportunity.
Klinkhart Hall Arts Center, Inc. (KHAC) is a 501(c)(3) not-for-profit organization created in 2014. Its primary goals are to preserve the historic Klinkhart Hall building (circa 1885) in Sharon Springs, New York, and to operate it as a permanent home for the arts in the local and regional communities. Currently, there is no similar facility in this under-served and economically disadvantaged area. A revitalized Klinkhart Hall will directly contribute to the growing vibrancy and economic activity of the Village. KHAC will:• Add a cultural hub and provide a much needed and long absent arts venue;
• Improve the streetscape of the business/historic district;
• Directly support other village revitalization efforts; and
• Further enhance the appeal of the village as a tourist destination.With committed New York State and other funding, work on the 2nd floor of the building – the original Klinkhart Hall Opera House – will begin in Summer 2021 and the space will be available for use by July 2022. This new Performance Hall will be able to support a wide variety of programming events, including KHAC's ongoing Sharon Springs Poetry Festival, the Klinkhart Conversations series, as well as music concerts, performances, cinema, art exhibitions and civic events. Subsequent phases of the project will complete restoration of the exterior envelope of the building and completely renovate the first floor "Smalley's Movie Theatre"
Other Site Attributes:
Historic downtown, building adjacent to international retailer and multi-cultural project investments within 3.5 hours of NYC, hitsoric structure on 60+ year old site,
State / Local Incentives:
Federal Historic Tax Credits, Opportunity Zone Investments, New York State Capital Grants,
Current Project Status: Permitting and other approvals
Current Land Control Status: Acquired, obtained options, or otherwise control all acreage
About the Market:
Located in the Mohawk Valley of upstate New York, empirical data, physical evidence, and socioeconomic indicators all suggest that economic health in the Valley is trending positive. Manufacturing and exports are growing, infill development is robust, visitor spending is at an all-time high, the cyber cluster is achieving critical mass. More than 600 new projects - totaling over $600 million in grants - have catalyzed $1.8 billion. At the northern corner of Schoharie County, a short jog to Otsego Lake, Cooperstown Baseball Hall of Fame and Glimmerglass Opera, the Village of Sharon Springs has enjoyed a storied history and centuries of visitors. The ongoing revitalization of this once well known historic spa town and surrounding farmlands has captivated visitors, from Native Americans to Dutch settlers and mid-century Hasidic Judaism spa-goers. Significant spa revitalization efforts are underway by Korean investors leveraging their culture of healthy living. Today’s shops, restaurants, and lodging establishments embrace the historic nature of their surroundings offering charm and hospitality to everyone. Beekman 1802 is an anchor retail destination and The American Hotel serve as beacons of the revitalization over the last two decades. The character and diversity of the village, architecture and people create an interesting blend of old and new, all faiths and orientations. http://sharonspringschamber.com/history/
About the Sponsor:
KHAC leadership has a proven track record of sponsoring quality arts programming and perceived trusted steward of funds. Klinkhart Hall Arts Center, Inc. (KHAC) is a 501(c)(3) not-for-profit organization created in 2014. Its primary goals are to preserve the historic Klinkhart Hall building (circa 1885) in Sharon Springs, New York, and to operate it as a permanent home for the arts in the local and regional communities.
Economic / Social / Environmental Impact:
Specifically, studies find that historic preservation and reclamation of abandoned spaces for the creative sector consistently improve quality of life in rural communities. Quantitative and qualitative research data demonstrates that arts initiatives in rural communities strengthen the collective sense of identity, increase social and civic engagement, build resilience, improve regional economic and social networks, and promote rural sustainability, empowerment, and well being. Rural arts initiatives also expose community members to a range of new experiences, which encourages open mindedness and a willingness to consider alternative perspectives. The general public concurs with these research findings: a 2018 survey conducted by the nonprofit Americans for the Arts confirms that the public at large believes that the arts are crucial to the identity and unity of communities. Specifically:
- 73% of those surveyed believe that the arts help them understand other cultures better, (an 11% increase over 2015).
- 72% believe the arts unify communities regardless of age, race and ethnicity, (up from 67% during the previous two years).
- 76% of those who engage in the arts believe they have a positive impact on their overall health and well‐being.
Significantly, these quality-of-life and well-being benefits are not limited to the wealthy or educated, nor to any racial, ethnic or age group; they cut across all demographics. Specifically, studies find that historic preservation and reclamation of abandoned spaces for the creative sector consistently improve quality of life in rural communities. Quantitative and qualitative research data demonstrates that arts initiatives in rural communities strengthen the collective sense of identity, increase social and civic engagement, build resilience, improve regional economic and social networks, and promote rural sustainability, empowerment, and well being. Rural arts initiatives also expose community members to a range of new experiences, which encourages open mindedness and a willingness to consider alternative perspectives. The general public concurs with these research findings: a 2018 survey conducted by the nonprofit Americans for the Arts confirms that the public at large believes that the arts are crucial to the identity and unity of communities. Specifically:
- 73% of those surveyed believe that the arts help them understand other cultures better, (an 11% increase over 2015).
- 72% believe the arts unify communities regardless of age, race and ethnicity, (up from 67% during the previous two years).
- 76% of those who engage in the arts believe they have a positive impact on their overall health and well‐being. Significantly, these quality-of-life and well-being benefits are not limited to the wealthy or educated, nor to any racial, ethnic or age group; they cut across all demographics.