Long-term hold
Operate keys + CRAVE + bar · ~$151k NOI/mo Likely · compound corridor position on Manhattan Blvd. Best if cash flow > sale urgency.
For partners · lenders · advisors · Jul 2026
Investor package.
Everything they expect — one place.
1705 Manhattan Blvd, Harvey LA — dual-entry MIRAGE hotel + CRAVE dining · 56 Mirage Residences · 55,000 SF GBA · grand court · ~45k cars/day. Capital path can be loan-first (SBA / conventional) or equity partnership if needed. This page is the diligence table of contents.
Start here · capital path
Rev J only — 56 Mirage Residences · MIRAGE + CRAVE · ~$254k gross → ~$151k NOI · lean ~$3.5M vs GC Mid ~$12M. Concept #1 ($1.8M / 12,300 SF) is archived and not the ask.
~$3.5MLean project cost
~$12MGC Mid market ROM
~$151kNOI/mo Likely
~$9.35MSales comp @ CO
01 · Professional pitch deck Ready
Two doors. One grand court.
Full investor deck covers program lock (Rev J · 56 Residences), CRAVE structure (lease kitchens · own the bar), corridor comps, revenue stack, and capital clocks. One-pager for a first forward; decision memo for a yes/no call.
| Primary deck | investors-deck.html | Full narrative + metrics |
| Decision memo | decide.html | Yes / no frame · 7 sections |
| One-pager | one-pager.html | Print / email forward |
| Visual walk | 6 worlds experience | Photoreal + Saturday story |
02 · Construction budget RFQ open
Two cost clocks · do not mix them.
Investors and lenders underwrite project cost separately from as-complete value. Lean owner-GC path vs finished hospitality market ROM. Sealed GC bid still a gap.
| Line | Amount | Basis |
|---|---|---|
| Land | ~$435,000 | Locked · 2.2-acre flag lot (Lot P-2-A1Y4 · bowl + neck · 95,795 SF) |
| Build · shell + site + keys (lean) | ~$3,075,000 | Owner-GC · CFS/steel RFQ open |
| Clock A · Lean project | ~$3,500,000 | 55,000 SF · 56 Residences · Rev J |
| Clock B · GC Mid market ROM | ~$12.0M | ~$218/SF × 55,000 GBA |
| Finished band (planning) | $12–18M | Economy → boutique finish |
| Borrower cash · SBA 504 hotel path | ~15–20% | Special-purpose (+ startup = 20%) |
03 · Market analysis Ready
Manhattan Blvd · already proven traffic.
Same corridor as Chili's, IHOP, Zea, Copeland's, Target, Sam's, Holiday Inn Express. Recorded sales set the value floor; corridor hotels set lodging context (Mirage is 30+ night residences, not nightly ADR).
| ~45,000 VPD | Manhattan Blvd corridor traffic |
| 1020 Manhattan | $5.17M · 31,115 SF · $166/SF bulk floor (same street) |
| 1650 Manhattan | $1.4M · 6,445 SF · $217/SF strip ceiling (Jan 2025) |
| Subject @ CO | 55,000 GBA × ~$170/SF reconciled → ~$9.35M |
| Residence rents | 48×610 @ $2,400 + 8×850 @ $3,400 all-in · 72.7% occ Likely |
| Product thesis | Luxury residences vs apartments vs nightly hotels — Residences exit memo |
04 · Financial projections Ready
~$254.0k gross → ~$151k NOI.
Core Likely stack (wellness killed — not in program). Full statement, sensitivity tiers, and DSCR path live on the P&L and deck.
| Lane | Likely / mo | Basis |
|---|---|---|
| 56 residences @ 72.7% occ | $103,525 | $142k GPR @ 100% |
| CRAVE · 6 kitchen licenses | $43,492 | Base + 15% of sales |
| CRAVE bar | $95,000 | Owner-operated |
| Grand court events | $12,000 | Watch nights · sections · bar attach |
| Core gross | $254,017 | ~$3.1M/yr |
| Operating costs | −$102,590 | Before debt |
| Stabilized NOI | ~$151,427 | ~$1.82M/yr |
| Wellness (optional) | +$43,000 | 48 chairs @ $225/wk · add only if underwriting it |
05 · Development timeline Indicative
Stamp → erect → stabilize.
Indicative owner-GC schedule. Sealed AOR/PE CDs and GC bid lock dates. Not a guaranteed CO date.
- NowLand under contract · Rev J program lock · 100% CD draft + CFS RFQ in market · pre-app path · photoreal + P&L live
- Months 0–3Engage LA AOR + structural PE + civil · convert CD draft to sealed CDs · geotech / ALTA · Parish written OK · finalize loan or equity term sheet
- Months 3–5Stamped GC / CFS bid · building permit · construction loan close · notice to proceed
- Months 5–14Foundations → CFS/steel erect → envelope → MEP → L1 CRAVE + lobby → keys L2–L5 · pool/fitness north pad
- Months 14–16CO · soft open CRAVE + court · first residence leases · pool IN · wellness killed
- Months 16–30Lease-up to Likely 72.7% residence occ · stabilize NOI · prepare refi / hold decision
06 · Exit strategy Ready
Hold · refinance · or sell.
Three paths — same collateral. Numbers are owner-model / sales-comp illustrative until MAI + lender UW.
Stabilize → refinance
At CO / Y2–3, refi against sales-comp (~$9.35M) or income clock ($9M+). Illustrative 60% LTV on ~$9.35M ≈ ~$5.6M capacity — subject to MAI & lender.
Sale / partial exit
Fee-simple mixed-use with hotel + F&B cash flow. Luxury residences liquidity thesis vs Best Western-class trades — see Residences exit memo.
| As-complete sales clock | ~$9.35M | 55k × ~$170/SF · 1020 bulk floor |
| Stabilized income clock | $9M–$12M | NOI / cap · separate from sales clock |
| Illustrative refi @ 60% LTV | ~$5.6M+ | On ~$9.35M sales-comp basis |
07 · Development team & consultants Engaging
Owner-led · licensed seals required.
Philbert Honore is owner / operator lead. Construction Documents must be sealed by Louisiana AOR/PE — owner CD draft is coordination lock, not a permit seal.
| Role | Status | Scope |
|---|---|---|
| Philbert Honore · Owner / operator | Active | Site control · capital · Owner-GC path · Mirage brand |
| Architect of Record (LA AOR) | To engage | Verify & stamp CD draft · life safety · schedules |
| Structural PE / CFS | RFQ open | Members · foundations · TAKEOFF-4 · wind 160 mph |
| Civil PE / PLS | H-1 lock in hand | Site · 100 stalls · drainage · ALTA · SWPPP |
| MEP / Fire protection | To engage | NFPA 13 · HVAC · electric · kitchen MAU |
| CFS / steel vendor + erector | RFQ open | Kit + local erect · Owner-GC |
| Foodservice / hood | Phaseable | CRAVE health dept shops · separate from arch CD |
| CDC / SBA packager (if loan) | Local options | JEDCO · Regional Loan Corporation (NOLA) |
Next step
Walk the model · then pick the capital path.
Loan-first (SBA 504 / 7(a) / conventional) or equity partnership — same package supports both. Forward-looking numbers are owner model · not an offer to sell securities · not guaranteed.