Read time · ~15–20 minutes

Yes or no.
One locked deal.

Capital partner brief for 1705 Manhattan Blvd — program, bank vs sponsor cash, rent comps, CRAVE structure, and a clear yes/no frame.

PROGRAM LOCK · Rev J · Jul 2026

1705 Manhattan Blvd, Harvey, LA · CFS 100′×110′×5 · 55,000 SF GBA
Dual entry · Door 1 MIRAGE · Door 2 CRAVE · grand court 100′×55′ = 5,500 SF outdoor (accessory · out of GBA)
Zoning path: MU-CD · hotel + dining/bar + accessory court · Jefferson pre-app
56 Mirage Residences · 48×610 SF @ $2,400 + 8×850 SF @ $3,400 all-in (30-day)
6 chef kitchen licenses · Mirage-owned bar · ~100 parking · land $435,000 locked
Capital · ~$3.84M all-in working · hard $3.40M · max $3.80M · land $435k

56residence keys · only key count that matters

~$3.84MAll-in working · IFC-3.2

~$9.35MAs-complete sales-comp clock @ ~$170/SF

0 · What’s actually backed by data

Pure facts first. Models (stop %, bar gross, court) sit on top of these — they are not the same thing. Receipts: facts packet.

Piece	Status	Verdict
Corridor traffic ~45k VPD	Multiple broker/listings — Compass 1705 · NAI Rampart · SRSA · Jack Stumpf band; LaDOTD PDF still pending	Strong that cars are there
US residence-sector occupancy ~72.7%	Highland Group · US monthly residence Q4 2024 (vs metro hotel ~64.6% · Newmark)	Strong as a national floor — bank case. NOLA tourist metro + minutes to CBD/FQ = reason partner stack can run higher
NOLA tourism + proximity	19.08M visitors · $10.4B spend (2024). Harvey ~10–20 min to CBD / French Quarter (Crescent City Connection)	Fact — tourist city demand · not a flyover residence box
Apt comps · Windsor / Calypso	Listed bare rents ~$1,755 1BR · ~$2,175 2BR (higher of stack only)	Fact that nearby housing clears money
Parish hospitality capital	Harvey Best Western Plus Westbank (1700 Lapalco) traded ~$8.275M / 138 keys	Fact that hotels trade here — different product
Kitchen landlord model	Food-hall / ghost-kitchen industry pattern · base + % on house POS	Structure is real; filling 6 kitchens is execution
$26k P&I on ~$3.5M	Owner mortgage case lock	Math is fine if NOI hits · DSCR ~5.8× on full stack
Land steal · 1705 vs corridor ask	Subject land $435k (~$198k/ac on 2.2 ac) vs sold comps RaceTrac $472k/ac · School Board $331k/ac → MAI target $1.0M–$1.25M · vs 1901 Manhattan LACDB $14.7M / 22.5 ac ≈ $653k/ac · LoopNet Manhattan & Harvey	Same $/ac → ~$1.44M on 2.2 ac · ~$1.0M under corridor list (asks, not closed)

Use this table in diligence: underwrite from these published facts first. Corridor capture %, bar ~$95k, and court fees are the operating upside layers — disclosed as model on facts / deck.

Why our numbers should stack higher than the national floor: New Orleans is a top U.S. tourist city — 19.08M visitors · $10.4B spend (2024 · New Orleans & Company / MMGY). 1705 Manhattan / Harvey sits on the Westbank ~10–20 minutes to the CBD and French Quarter via the Crescent City Connection — close enough to sleep, work, and play the city without paying Quarter hotel rates. Bank underwrites Highland’s 72.7% U.S. residence floor on purpose (conservative credit). Partner path: tourist demand + bridge proximity + dual-entry destination = room to clear above that floor (sponsor already shows 90% occ as upside). Don’t underwrite Mirage like a random inland monthly residence in a non-tourist metro.

1 · What you are buying (2 min)

Layer	Lock	Your role
Hotel / Residences	56 furnished residences · hotel permit path · all-in monthly rents	Primary collateral · what the bank underwrites
CRAVEZ kitchens	6 licenses · $1,500 base + 15% of whatever they ring on the house POS (mandatory — no side tablets)	Landlord — chefs cook; Mirage audits every dollar of food sales
Bar	One Mirage liquor program	Equity upside · keep ~65–80% gross-margin engine
Wellness / chairs	Not in program ($0). Salon-chair rent roll removed — keep all 56 residence keys; avoid a second lease-up on one loan.

1b · What’s outside · Target node (3 min)

1705 sits on Manhattan Boulevard — Jefferson Parish’s primary commercial artery. National retailers and hotel brands already pay for this traffic. Mirage adds what the strip does not have today: dual-entry MIRAGE + CRAVEZ on a private grand court · 56 Mirage Residences.

Restaurants

National + full-service · same blvd

Chili's (1741 Manhattan · next to Target) · IHOP · Zea Rotisserie (1121) · Copeland's (2333) · Five Guys (1523) · Kumo Hibachi (1818) — Brinker-scale and local full-service already prove dinner traffic converts on this strip. CRAVEZ sits in that same check band with six chef kitchens and a full bar.

Retail giants

They already prove the strip

Target (1731 Manhattan) · Sam's Club · Lowe's · Walmart Neighborhood Market — national retailers chose this corridor because density and drive-by traffic convert. You open inside that proven trade area.

Corridor lodging

Nightly comps exist — we don’t compete there

Holiday Inn Express (2433 Manhattan · ~0.8 mi) and Hampton Inn & Suites (~1.5 mi) post ~$120–$200/night. Mirage is 56 Mirage Residences (30+ nights) — by the month, not nightly ADR — for guests already on site for CRAVEZ and the court.

Retail rents

Manhattan Place pricing power

Neighbor retail at Manhattan Place (1723–1831) lists roughly $17.50–$25/SF NNN. Tenants pay more because the address is prime. Mirage’s CRAVEZ frontage + grand court get the same boulevard visibility — and a destination draw after dark that strip pads cannot match.

2 · Money — your stack first (5 min)

Your outcome (stabilized): ~$125k/mo cash after mortgage · ~$1.51M/yr after mortgage · put in ~$3.84M → worth ~$9.35M+ @ CO. Lead with this. Credit floor is the last column only.

Two columns on purpose. Your stack = partner return. Credit floor = what the bank underwrites until bar / court / 15% POS history is proven.

Stabilized / mo	Your stack (stabilized)	Credit floor only
Hotel NOI (56 keys)	$80,350 90% occ · 38% opex	$64,185 72.7% occ · 38% opex
Restaurant NOI	$35,492 Corridor traffic · 0.30% capture · 15% on house POS	$1,000 Base $9k − $8k BOH only — credit ignores 15% until T12
Bar contribution	$42,750 ~$95k gross floor · conservative	$0 until liquor T12
Court (5,500 SF)	$9,000 sections · games · brunch pkgs	$0
Total NOI / mo	~$151k	~$66k
Mortgage P&I · ~$3.5M	−$26,000	−$26,000
Cash after mortgage / mo	~$125k DSCR ~5.8× · full stack	~$40k DSCR ~2.5×
Total NOI / yr	~$1.82M	~$791k
After mortgage / yr	~$1.51M	~$479k

Why credit shows $1k on CRAVEZ: banks underwrite kitchen base only until POS history exists — that is not CRAVEZ value. Your stack: 45,000 VPD × 0.30% stop × 2 covers × $28 → ~$230k food / mo → $9k base + 15% (~$34.5k) − $8k BOH = ~$35.5k restaurant NOI. Keys + CRAVEZ (no bar) ≈ $100k/mo.

Year 1 partner path · clears $1M

Traffic-only Y1 is under $1M on purpose — it zeros bar, games, and court. Partner ops put them back:

Y1 engine	NOI / yr	Includes
residence keys (65% occ)	$696k	Soft-open residences
CRAVE @ 75% of traffic	$319k	Brunch · lunch · dinner · house POS · 15%
Bar @ 80%	$410k	Game nights · court spill drinks (~$95k gross floor)
Court @ 90%	$97k	Sections · Saints/watch · brunch pkgs on 5,500 SF
Year 1 total	$1.52M	Full build: facts §7

Court vs The Garden (Four Seasons NOLA): Mirage outdoor court is 5,500 SF (100′×55′) — about 3.4× The Garden’s published 1,615 SF. Jefferson MU-CD path for hotel + CRAVE + accessory outdoor gathering. Detail: facts §7.

Why the court makes them love the hotel

Do not underwrite Mirage as “rooms plus a patio.” Underwrite it as a Westbank watch-and-gather campus with beds upstairs. The 5,500 SF court is the reason the boulevard turns in.

Nightlight	Crowd it pulls	Why capital cares
Saints / NFL watch parties	Fans, family in town, crews that won’t fight downtown parking	Bar rings · sections sell · rooms fill when the drive home looks stupid
SEC / LSU game days	Alumni pods · parents · rivalry groups	Daylong F&B + multi-night residence stays
Fight nights · boxing / UFC PPV	Guys’ nights · date crowds · local crews	Peak beverage night · “take a key upstairs” close
Playoffs · Madness · big TV	Appointment crowds strip bars can’t hold at this size	Concentrated high-margin pours + reserved pods
Brunch · birthdays · brand nights	Section hosts who invite 15–40 friends	Court fees + CRAVE 15% + repeat bookers

Love the coupling: Court = magnet. Bar = margin. CRAVE = food variety without Mirage cooking. Hotel = the sleep button when the night runs late. Same people who come for kickoff or a fight become the guests and the tip line — that is why the courtyard belongs with the hotel, not besides it. Full who/what matrix: facts · court love.

Simple read: Stack everything (keys + CRAVE + bar + court) ≈ $151k NOI − $26k mortgage = ~$125k/mo after the note (~$1.51M/yr · DSCR ~5.8×). Bank core alone still covers at ~2.5×. Partner Year 1 ≈ $1.52M NOI before mortgage.

Staff & expenses (not a second cut): Keys labor + util + insurance + reserves ≈ $37.9k inside the $39.3k / 38% stub. Bar pour + payroll ≈ $45k inside the ~$52k bar stub. CRAVE BOH $8k (chefs self-staff). Court $3k. Detail: deck § staff. NOI / mortgage math unchanged.

3 · Why rents clear — Windsor · Calypso · all-in (4 min)

Apartment comps: Windsor at Manhattan (Harvey · same corridor) and Calypso Bay (Gretna / Westbank). For each bedroom class we use only the higher of the two — never the soft average.

Comp (published listings)	1BR high	2BR high	What guest still pays extra
Windsor at Manhattan · 1499 Central Park Blvd	~$1,520–$1,595	~$1,905	Deposit · usually utilities · furniture · 12-mo lease
Calypso Bay · 3251 Wall Blvd, Gretna	~$1,580–$1,755	~$1,985–$2,175	Same — bare apartment economics
Higher of stack (only number we cite)	~$1,755	~$2,175	Still not furnished / all-in hospitality
Mirage Residences · all-in	$2,400 · 610 SF	$3,400 · 850 SF	One invoice — see inclusions below

What “all-in” means (this is the product): furniture + utilities + Wi-Fi + parking in the rate + fitness + private pool + CRAVE downstairs + staffed hotel path — 30-day minimum leases (month-to-month extend) — not a 12-month apartment trap. Guest is not writing Entergy, Cox, and a U-Haul on day one.

True cost of living · comps vs Mirage

Listed apartment rent is not what people pay. Add utilities, internet, and furniture for a short stay — then stack Mirage’s one invoice.

What’s in the check	1BR path	2BR / larger
Bare rent · higher of Windsor / Calypso	~$1,755	~$2,175
+ Electric / gas · water / trash · internet · renter ins (typ. Westbank band)	+$245–$415	+$285–$480
= Unfurnished living / mo	~$2,000–$2,170	~$2,460–$2,650
+ Furniture (rent / short-stay substitute)	+$150–$250	+$200–$300
True furnished short-stay cost	~$2,150–$2,420	~$2,660–$2,950
Mirage Residences · one invoice	$2,400 · 610 SF ≈ $80 / night · 30-day	$3,400 · 850 SF ≈ $113 / night · 30-day
Delta · Mirage vs true furnished short-stay	≈ even to +$250	≈ +$450–$740 (larger / hospitality key)

Read: The $2,400 key sits roughly on top of a loaded 1BR short stay — except Mirage includes hotel path, pool, fitness, parking, and 30-day flexibility (no 12-month trap). The $3,400 850s are the premium larger keys, not a 1:1 apartment swap. Guest still writes one check — no Entergy + Cox + U-Haul stack.

4 · Why the F&B structure is smart (4 min)

15% of whatever they bring in — on our POS Every kitchen must ring on the Mirage house POS. No Square on the side. 15% of gross food sales is contractual and auditable — not a handshake. Base $1,500/kit is the floor; 15% rides whatever volume they actually do.

Lease kitchens · own the bar Chefs take food risk. You keep beverage (~65–80% gross margin). Time Out / Tiny Drumsticks / Nimbus landlord math — you are not funding Mirage cooking one failing menu. US residence occ 72.7% vs NOLA hotel 64.6%. Harvey BW Plus already traded $8.275M.

5 · Exit / value anchors (3 min)

Clock	Figure	Use
Sales-comp clock · 55,000 SF @ ~$170/SF	~$9.35M	As-complete GBA story (not motel $/key)
Harvey BW Plus Westbank sale	$8.275M	Only hotel sale we show — liquidity proof
All-in cost target	~$3.5M	Spread vs sales-comp clock is the partner story
Corridor traffic band	42k–46.2k VPD	Broker listings; LaDOTD PDF still diligence

6 · Yes / No frame (3 min)

Lean YES if you believe…

Luxury Residences on Manhattan Blvd can lease at $2,400 / $3,400 all-in
~$3.7M all-in at steel mid $1.15M · $3.5M only if rare ≤$1.0M RFQ · no verified U.S. 5-story under $1M
Kitchen LOIs + liquor path are gettable in 12–18 months
You want landlord + beverage upside — not a franchise motel box

Lean NO if you need…

Tonight’s bank memo to include bar + percentage rent with zero LOIs
A franchise flag and PIP hotel comparable set
Proof of LaDOTD AADT + signed chef LOIs before soft circle
Sub-$2M basis (this plate doesn’t do that)

7 · Five diligence items before hard yes (2 min)

LaDOTD AADT PDF — lock the car count
Westbank STR / CoStar competitive set — local occ · ADR · RevPAR so rooms underwrite like lodging, not vibes
6 kitchen LOIs @ $1,500 base + mandatory house POS + 15% of gross sales
Steel / GC bid package proving ~$3.5M build is real
USALI payroll detail — already sketched inside the 38% stub (~$37.9k / $39.3k); harden with quotes · liquor path memo unlocks bar for refinance later

Partner one-liner: ~$3.5M into a new dual-entry 56-key luxury monthly residences + CRAVE campus on Harvey’s busiest commercial boulevard — underwrite the residence rents roll, license six kitchens on house POS (base + 15%), keep the bar for destination margin, and anchor exit demand to the $8.3M Best Western Plus already cleared in this parish.

Lender door → Bankable dollar detail Kitchens + bar thesis

Further reading: Lender door · Bankable P&L · CRAVE kitchens + bar · residences vs BW Plus · Wellness · killed · Traffic & occupancy facts · Expanded deck

Yes or no.One locked deal.