The Vault - Leonardtown

Originally Published: March 23, 2023

Those in Town of Leonardtown may have noticed new signage hanging in the entrance of the old Bank of America building downtown. “Now Leasing” the sign says, and directs a visit to vaultltown.com for more information. This morning I spoke with Katie Folger, owner of the former bank, who has a clear vision for bringing a different type of business to Leonardtown.

Folger noted that the space had been vacant for some time, saying many were “not sure what to do with it” because of the unique space and location. Having worked in the mortgage industry on the residential side, Folger is now interested in helping foster business development. She researched coworking and shared workspace ideas and the vision grew.

Entrepreneurs who may not have or want a regular physical office to work from will seek out shared workspaces where they will meet with clients or network with other professionals in the area. “A lot of people have started working from home,” Folger said. For some, working remotely can feel isolating and even impact their mental health. The Vault would have an “open space lounge in the middle for coworking,” Folger described, which would work well for “those who don’t want to work from home all the time. People can work from anywhere now, not just sitting in the same office.”

Gaining access to the space would require a membership, and members are permitted entry using a pass, key card, or similar type of system. Folger said the same will be true of The Vault. Additionally, the building will be split into small office spaces, using offices already in place from the bank, leased at 12 and 18 month terms. There will also be three retail spaces. The bank will be divided into two spaces with a wall where the old teller line was, and the third space is on Fenwick adjacent to the bank’s old drive thru. Folger also described the basement area which could be rented out to other businesses downtown who need extra storage space.

Describing the type of clientele she envisions using the space, Folger listed off many possibilities. “Office space could be used for music lessons, tutoring, therapy, studio space, a smoothie/juice bar,” and even more traditional office space uses for startups. The coworking area and lounge space in the center of the different offices would help foster networking among professionals, an additional goal Folger said.

“This is a different type of business” compared to what is now offered in Leonardtown. Folger loves this area, saying “I have roots here. My great-grandmother was born in the Loveville Post Office.” Right out of high school, Folger felt the same as many other young people in the area–”I’ve got to get out of here,” she laughs. But this new venture with flex office space has so many possibilities, and she wants to use it as a draw to keep young, creative minds from leaving our area. “They need spaces to create, to grow, to network.”

A targeted opening for the coworking space is potentially by the end of May, and Folger is planning to have office suites move in ready in 4-6 months. But they’re already scheduling appointments to show the space, and looking toward the future. Folger envisions the old drive thru lane as an “outdoor pop up vendor market” initially and says they could even “close it in and make it into an outdoor space for coworking and the office suites” where people may even be able to bring their dogs. “We could host poetry workshops, lecture series, open mic night,” and more in the common area.

For more on The Vault, visit their Facebook page at The Vault or website at www.vaultltown.com