Well, There’s Pretty…

...And Then There’s Pretty!

As much as we like seeing it semi-demolished, we’re even more excited about how our store is going to look when we’re finished! Here is an updated drawing of the finished product.

Construction Update

As you've seen if you've driven past the market building in the last week, the demolition phase of our construction is almost complete.  You may also have noticed that:

• The roof is in surprisingly bad condition
• Most of the front walls turned out to be little more than a facade with no significant structure

We will need to replace what little of the roof is left in about 40% of the building.  In addition, while we had originally been told that we would not need to install a sprinkler system, now we're told that we do.  

This is not all bad news!  In addition to improved safety, the sprinkler system will allow us to take advantage of the basement area for storage and other purposes.  Replacing the roof means that we will eliminate more of the posts within the middle of the store than we expected and that we will be able to have a more attractive ceiling.  

The downside, of course, is that while we did anticipate the potential for additional costs such as the roof, we did not plan for a big surprise expense such the sprinklers, which alone cost at least $60,000.  We are tapping into a number of possible sources for more funding, but our best potential is additional member loans.  


Member Loans

Member loans are an important part of any co-op's ongoing financing.  Just as we anticipate having additional member equity in the coming months and years, we also expect to be able to bring in funding through ongoing member loans.

Given the news above, it is important to kick off this spring member loan campaign with a bang.  Our agreement with TRF requires us to have enough money in our budget to cover all known expenses, with a contingency buffer, before we can begin to tap into the resources we need to begin paying our general manager, whom we anticipate will start on May 1st.  So we have about 6 weeks to raise the $50,000 to get us where we need to be.  We have set an overall goal of $150,000 for this campaign to fully restore our buffer and get us on the best footing to open in September.

If you are thinking about making a loan, doing it sooner rather than later will make a difference. We are offering the same attractive interest rates as we did in the fall, up to 6% annually, along with the bonus that an investment in CreekSide Food Co-op is an immeasurable investment in our entire community.


Come to Dinner This Sunday

Considering making a new (or additional) loan?  There is still room for you at the CreekSide Member Loan dinner and information session to be held at the home of Andy Schloss, CreekSide board member and best selling cookbook author. Andy is cooking up an amazing menu from his latest book.  Be the first to try Salmon Poached in Olive Oil with Herbs, Slow Roasted Balsamic Alliums, Slow and Creamy Banana Custard Pie.

There will be a short information and Q& A session that will give you an in-depth understanding of the loan process, followed by dinner.  Location: 7410 Woodlawn Av. Elkins Park, PA 19027. Date: March 4  Time: 5-8 pm.  RSVP aschloss1730@gmail.com

Can't make it?  Host your own parlor meeting and members of the board will come speak to you and your friends and neighbors about the co-op, our plans, and how to make a loan.

Is this without question all the money we need?

We certainly believe so, but it's impossible to say. Surprises are, well, just that - surprising.  But there should be no surprises left in the building - they have nowhere left to hide.  The weather and the economy are just two of many unpredictable factors that could affect the project.  But most of all, our members’ economic involvement will always be important to our co-op, and the chance to earn up to 6% interest definitely won’t last forever.

CreekSide Co-op Groundbreaking a Big Success!

Close to 200 members and others came out on a damp February afternoon to help celebrate this joyful event. We'd like to thank the local politicians who came out to support us, especially, Montgomery County Commissioner Josh Shapiro and Cheltenham Township Commissioner Morton Simon, who both spoke so eloquently, as well as those who also came out to celebrate with us, including State Representative Larry Curry, Montgomery County Commissioner Leslie Richards, and Cheltenham Township commissioners Art Haywood, Drew Sharkey, and Daniel Norris, Kurt Imhof from U.S. Sen. Robert Casey's office and Jamila Hall from the office of State Senator Leanna Washington, as well as Sean McElroy from the USDA. We would also like to thank, both for their help in making this a reality, and also for joining us in this celebration, TRF's Christina Szczepanski, who was joined by Patricia Smith and Sara Vernon Sterman, and from Vantage Point Bank, Marshal Granor, who was joined by Walt Tillman, Tamar Granor, and Bernard Granor.

We would not have been able to put this celebration together without the help of our wonderful volunteers, including Greta Miles, Karen Irgang, Lori Siegal, Robert Graebner, Amy Steffan, Maureen Hicks, Lisa Stockebrande and Will Marchetti, our fabulaous musicians, Ben Laden, Ken Ulansey, and Dave Posmontier. And of course, the 1,400 members who are CreekSide Co-op. Go Co-op!

Earn up to 6% by Investing in Your Community!

CreekSide Co-op Member Loan Program

We own the building and construction has started. Our successful member loan program was both an important part of getting us to this milestone and an exclusive opportunity for our members earn very competitive return by investing in their community.

Member loans are an essential element in the financial health of most co-ops. With our store set to open in just a few months, we are embarking on a new campaign to further strengthen our finances, and to make this opportunity available to more of our members.

In addition to building working capital for daily operations, additional member loans will help keep our pre-opening finances strong, enhancing the contingency buffer that is built into our construction budget, while at the same time giving co-op members the opportunity to earn a very attractive interest rate.

To bolster our working capital and to rebuild the contingency cushion we have set a campaign goal of raising $150,000 in member loans. You can find more about the process of making a loan HERE.

Ashbourne Market Building History

About 10 years ago, the ongoing business that was Ashbourne Market was sold to a group of investors lead by Arsen Kashkashian. Mr. Kashkashian is a lawyer and real estate investor based in Bristol, PA. After Ashbourne closed, he leased the building to a number of other businesses, all of which have now left. The building has been vacant for several years.  Read more here...

Creekside Co-op Farmers' Market at High School Park

The farmers' market was a great addition to the Elkins Park community for the last two years and our vendors are excited about the chance to sell to our community again this year. Co-op member Karen Irgang is managing the market. Vendors or members with questions about the market can contact Karen at marketmanager@creekside.coop.

CreekSide Co-op's future store.....

CreekSide Co-Op is planning to open at 7909 High School Road in Elkins Park, PA.  This will be a full service store that will include all the favorite departments you and your family are accustomed to shopping in.  Departments like produce, seafood, meat, dairy, frozen and deli.  We also will be including a extensive selection of local products from a 100 mile radius around us and other categories prepared right on site!  For all of you that remember Ashbourne Market we will also have a prepared foods section from the CreekSide Co-op kitchen called "Ashbourne Favorites", bringing back the best of the past and pairing it with the best of the future.

Mission Statement:

CreekSide Co-Op is a cooperative member-owned food market in Cheltenham Township, providing products and services that are responsive to the values of its ownership and fostering connections among the people of its diverse community.

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