JACKSON HOLE, Wyo. — More than a few observant passersby have taken notice of a sign slapped up on the side of the building that is home to The Rose/Pink Garter Theater claiming the commercial space—bar, restaurant, theater—all 13,500 square feet of it, is for rent. That’s got the town whispering about what might be going on with Dom Gagliardi, the current entrepreneur behind the upscale cocktail lounge and theater.
When Buckrail reached out, Gagliardi assured us his operation on West Broadway isn’t going away, at least not overnight, but the lease placard isn’t the only writing on the wall.
For starters, Gagliardi’s long-term lease is ending—the 8-year contract was signed in 2011. The Bay Area native, who arrived to the valley in 2000, quickly jumped at the opportunity to make something of the space that had fallen into disrepair and neglect. But after nearly a decade of pouring his heart and soul into the business venture, Gagliardi has reached a point where something has to give.
“When I started this project nearly 10 years ago, it was to create a business plan to take over the theatre space and build a bar to service this space. We put a lot into it because we knew it needed it. It was an underserved area of downtown,” Gagliardi said.
Gagliardi said he was more than willing to sign a long-term lease the first time around because he wanted to be more in control every aspect of the building and make sure everything integrated together. Now, after getting a better idea of what it takes to operate The Rose and the Pink Garter, he’s learned a thing or two. First and foremost, it’s no get-rich-quick undertaking.
When landlord Dudley Miller offered another long-term deal—a 5-year lease with a rent hike—Gagliardi balked.
“We got to a point where we are getting to end of the first term. We don’t use the theatre enough or drive enough income out of it to justify the current lease let only an increase,” Gagliardi said. “So, we did not sign a long-term lease going forward. It doesn’t make financial sense for us to sign long-term. Instead, we are going year-to-year, and our current lease goes through next winter.”
Gagliardi was a little surprised to see the sign advertising the space for rent shortly thereafter. He understands his landlord has the right to explore what the market rate might be for renting the space. Miller may also have plans to sell the property outright if the perfect deal came along.
Gagliardi offered to operate just The Rose and have someone else take over the theater aspect, which he says is not a moneymaker. Still, it is the theater feature which Gagliardi would hate to see go away. But operating a small community theater has been more a labor of love than a profitable enterprise.
“Myself and my partners, we feel there is a need for an event space that is operated like this. We want to do whatever we can do to keep that going. Our goal is to keep the theater as a multi-use space that serves the community. We’d love for it to stay that way,’ Gagliardi said. “We’ve seen this coming for a while. We can keep struggling to get by, but the partners put it to a vote and we decided to move forward on a short-term lease.”
Complicating matters somewhat is the liquor license, which requires the holder to have a valid space or lease on one. Gagliardi managed to secure the short-term arrangement with Miller to ensure the cocktails keep flowing at The Rose.
Another nuance is the theater. It’s difficult to put a going market rate on what a small community theater might be able to afford in rent. Some weeks it is used a lot. Other weeks it sits dormant.
But it serves a vital role in the eyes of Gagliardi.
“Last week alone, as an example, we hosted a holiday party for realtors in Jackson Hole, a promotional party for Smith Optics, the Wyoming Whiskey Bartender Shootout cocktail competition, a church service, the Christmas show for Young Life, and a fundraiser for the library,” Gagliardi said.
Next week the Pink Garter hosts the JH Snowboarder Magazine Party, the Andrew Munz comedy I Don’t Ski, and New Year’s Eve shows with the New Orleans Suspects.
Then there is the occasional music concert. Through his Poppa Presents, Gagliardi has been able to book some quality national and international acts now and then.
And Miller, to his credit, has been an understanding property owner. As a landlord, he’s cut the theater and bar a break or two along the way and put a lot of money into getting the building in better shape. But his due diligence now is to see what a future tenant might be willing to pay for the space.
Things at 50 W. Broadway are coming to a head and Gagliardi is hoping a savior comes forward. A financial partner, someone with a promising business model similar to what the theater is doing now—providing a cozier, more cost-effective space to groups that aren’t quite up for the stage at Center for the Arts or Walk Festival Hall.
“These places don’t exist anymore. They aren’t built from scratch,” Gagliardi said. “We give people a good time, but it has been a labor of love and I’m not sure how long we can keep at this.”
