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Investing in the Green Drake

Elody Gyekis painting at the Green Drake Gallery and Arts CenterThe Green Drake Gallery and Arts Center is a unique combination of a commercial fine art and craft gallery with a community-based arts center. The entire venture is a single for-profit Limited Partnership business. In addition to the investment by the General Partner, Gyekis and Leitzel LLC, consisting of Gary Gyekis and Karl Leitzel, we are seeking an additional total of approximately $100,000. The budget based on this amount of capital will finance a solid startup to the business, including:

• Extensive renovations and cosmetic improvements to the gallery and classroom studio areas.
• Improvements in lighting and minor detailing in the upstairs studio/arts community areas.
• Furnishing and equipping all spaces.
• Purchasing initial inventory of crafts (wholesale purchase, with fine art on consignment).
• Hiring a full-time director to work with Karl in day-to-day and long range management.
• A budget cushion to allow for the realistic projection of 3-5 years to reach profitability.
• Initial advertising, insurance, and other startup costs.

As of late February 2011, much of the initial work has been completed and the studio spaces are already seeing use. The gallery is projected to open in mid April.

Limited Partnership investment is based on shares of $1000, with a minimum of 2 shares ($2000) per named investor. Applicable law limits limited partners to a maximum of 34, which is the reason for setting the minimum amount. Investors receive discounts on gallery purchases as well as automatic membership in the Arts Community, allowing 24/7 access to the large upstairs "open studio" room. If and when the Green Drake begins to generate a profit, all investors will split that profit based on their percentage of the total investment. We are well on our way toward meeting our investment goal but are still looking for additional investors. As with any investment of this nature, there are no guarantees, and the desire to be a part of building something exciting and good for the greater community and the arts in our society should be an important motivating factor.

If you would like to see further information, including the full business plan and the Limited Partnership Agreement (drawn up by Rose Kauffman of Delafield, McGee, Jones, and Kauffman P.C. of State College), email Karl Leitzel at greendrakeart@gmail.com, or call at 814-422-8461.

 

 

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