COHOES, N.Y. (NEWS10) — Cohoes-based businesses, Capital Companies NY and Go Gonzalez, are offering a free-rent and technology grant to bring in a restaurant operator to downtown Cohoes. The two companies are stepping up to garner the interest of an operator to take over the space known for decades as Smiths of Cohoes—featuring a 50-foot-long bar. Their goal is to offer an opportunity with lower risk that will bring in the right operator.

The value of the grant is estimated at $42,000. It includes free rent for one year for a restaurant that seats about 100 people. Additionally, it includes a professional, optimized, and ADA-compliant website. This grant offsets the expensive costs of build-out and saves the awardee time and money, which is critical in the investment of a new restaurant, a spokesperson for the two businesses said.

“This is a business move to lure a good restaurant operator to a space that can be operational in a month,” said Manny Santos of Go Gonzalez. “My colleagues and I have invested heavily in Cohoes. We are obligated to our commitments and feel the need to keep the momentum going in the Cohoes Business District.”

“There is much interest in this space, but no one has committed to operating it. Our hope is that these incentives that offer a lower investment risk find the right person with the vision and strategy to flourish in downtown Cohoes,” added Mr. Oh of Capital Companies NY. “We are particularly interested in finding a great operator that can develop a strategy for long-term success. I believe the community and the City of Cohoes would be very supportive of a new operator.”

There is one grant available. If you are interested, submit a business plan to leasing@capitalcompaniesny.com. The deadline for submissions is Dec. 31, 2022.