SARANAC LAKE - The group working to create a community-owned retail store in Saranac Lake has surpassed the $400,000 mark in sales of stock.

They've also decided on the store's official name - The Community Store in Saranac Lake.

Melinda Little, president of the store's board of directors, said they've sold $401,100 worth of shares so far.

"I've long thought we would reach a tipping point, and I'm hoping that $400,000 is that point," she said. "We still hear from people who've held off investing because they want to see if it will happen. But it's not going to happen unless people take the plunge."

Little said they collected about $40,000 over the last five weeks, partly because of a letter sent to nearly 700 people, including many existing Community Store investors.

"We pointed out that if everybody on that list bought two shares, we'd meet our goal," she said. "We got a really nice response from that."

Organizers need $500,000 before they can open the store.

"We have to achieve that; we can't do anything if we don't achieve that," said board Treasurer Alan Brown.

Brown said nearly 500 people have invested in the store so far, most of them year-round residents of the Tri-Lakes. The others are summer residents or people with some connection to the area, Brown said.

The current deadline is Dec. 17, although Little said they could extend that date if necessary.

Meanwhile, the store's board of directors recently settled on a name. Little said they picked The Community Store in Saranac Lake instead of the former Saranac Lake Community Store because it puts more emphasis on "community."

Little said the long-term plan is to locate the store in a new building that HES Ventures plans to construct on Depot Street. In the meantime, she said they're looking at spaces for a temporary store. Organizers also plan to begin advertising for staff.

To keep the momentum going, the Community Store's board is planning several more "share parties," which shareholders host in their homes, and will be extending their reach beyond the Tri-Lakes.

"We've certainly hit our list enough times now that I think anybody who can do something more has done it," Little said. "Now we need to really get beyond that."

The Community Store effort launched in July 2007. Shares in the store are being sold at $100 each to New York residents only. The funds raised so far are being held in an escrow account until the store is ready to begin operating.