L1
Door 1 MIRAGE · Door 2 CRAVE
Equal neon presence · hotel lobby west · CRAVE dining east · ~7,050 SF · six chef kitchens · host stand · bar to court.
Program: Rev J · dual entry · CFS 100′×110′×5 · 56 Residences
Keys: 56 Residences · 48×610 + 8×850
GC Mid ROM: ~$12.0M · ~$218/SF
Key metrics →
Why Door 2 is structured for your capital
Lease the kitchens. Own the bar.
We do not ask you to fund Mirage cooking one restaurant and praying the menu hits. Six chef kitchens pay base rent + 15% of food sales — like Time Out Market / Tiny Drumsticks / Nimbus shared-kitchen math. Food labor and COGS stay with the chefs. Mirage keeps the bar — industry food-hall literature put bar gross margins at ~65–80% vs food ~30–45%. Leasing the bar away is the category’s most expensive mistake. Your name belongs on a landlord + beverage structure, not a single-chef payroll.
6Licensed kitchens · not Mirage cooking
Keep bar~65–80% gross margin engine
Time OutProven: vendors + house bars
$9k+Kitchen base / mo before override
Full kitchens + bar conviction memo → Separated bank vs sponsor $
Rev J · key metrics · stated once
Dual entry · court · hotel · stabilized cash
55,000 SFGBA @ CO · appraisal basis
5,500 SFGrand court · 100′×55′
~7,050 SFCRAVE dining + bar
~$100k+Keys+CRAVE floor · fact path
~$151k/moNET operator · Likely row
Diligence · pure facts
What’s actually backed by data
Published facts first — no stop-% or bar models required. Receipts on facts-5yr-proforma.html.
| Piece | Status | Verdict |
|---|---|---|
| Corridor traffic ~45k VPD | Compass · NAI · SRSA · Stumpf; LaDOTD pending | Strong — cars are there |
| US residence-sector occupancy ~72.7% | Highland US residence-occ benchmark Q4 2024 · vs hotel 64.6% Newmark | Strong national floor — bank case; NOLA tourist metro runs above for partners |
| NOLA tourism + proximity | 19.08M visitors · $10.4B · Harvey ~10–20 min to CBD / French Quarter | Fact — tourist city · stack above inland residence-sector averages |
| Apt comps · Windsor / Calypso | Bare ~$1,755 / $2,175 · true-cost | Fact — housing clears money |
| Parish hospitality capital | BW Plus Lapalco ~$8.275M / 138 keys | Fact — hotels trade here |
| Kitchen landlord model | Food-hall / ghost-kitchen · base + % house POS | Structure real · 6 LOIs = execution |
| $26k P&I on ~$3.5M | Mortgage lock · full stack → ~$125k after debt | Math fine if NOI hits · ~5.8× DSCR |
Tourist city · minutes from the Quarter. New Orleans pulled 19.08M visitors and $10.4B spend in 2024. Mirage @ Harvey is ~10–20 minutes to the CBD and French Quarter (Crescent City Connection) — sleep on the boulevard, play the city, skip Quarter hotel pricing. 72.7% is the bank floor (Highland U.S. residence-sector). Partner path stacks higher — tourism + bridge proximity is why sponsor shows 90% occ and the full ~$151k NOI / ~$125k-after-mortgage case. Do not underwrite this like a flyover inland monthly residence.
For lenders & partners
Corridor comps · income stack · mixed-use collateral.
Harvey sales comps anchor the land on Manhattan Boulevard. Operating story = Rev J core stack · ~$254.0k gross → ~$151k NOI Likely · 56 Mirage Residences inside one shell. Wellness optional. Full memo matches destination P&L.
~$9.35MSales comp @ CO
~$151kNET/mo Likely
1020$166/SF · same street
$2,400/$3,400monthly all-in residence rent
56residences
Rev J lock · Jul 2026
Dual entry · grand court · 56 Mirage Residences
Court
100′×55′ grand court
Valet ellipse · porte cochère · infinity knot · watch wall · café spill · fire bowls — the district's living room.
L2–L5
56 Mirage Residences
48×610 SF + 8×850 SF · $2,400 / $3,400 all-in · fitness · court · pool IN · wellness killed.
Exhibits · photo + drawing quality bar
Site · court · hotel · corridor
Rev J lock · stabilized Likely · Jul 2026
Keys + CRAVE + bar → NOI → DSCR
monthly residence rent roll first. Restaurant (kitchen licenses) and bar stack on top. DSCR = NOI ÷ monthly debt service (coverage multiple — not a “% return”).
1 · Gross income · Likely / mo
| Lane | Gross/mo | Basis |
|---|---|---|
| residence keys · 56 | $103,525 | 48×$2,400 + 8×$3,400 = $142k @100% · shown @ 72.7% occ |
| CRAVE · restaurant | $43,492 | 6 kitchen licenses · $9k base + 15% of ~$230k corridor food (house POS) |
| CRAVE bar | $95,000 | Owner-operated · one liquor license · grand court · Saints / date nights |
| Court events | $12,000 | Mirage-run watch nights · cover · bar attach |
| Total gross · core stack | $254,017 | ~$3.1M/yr · keys + restaurant + bar + court · wellness killed |
2 · NOI ladder · add restaurant & bar
| Step | Gross | Opex | NOI / mo | NOI / yr |
|---|---|---|---|---|
| A · Keys only | $103,525 | −$39,340 | $64,185 | ~$770k |
| $142k GPR × Highland residence-occ benchmark 72.7% · 38% opex · bank primary engine · before debt | ||||
| B · + CRAVE restaurant | +$43,492 | −$8,000 | $99,677 | ~$1.20M |
| Base + 15% house POS on corridor traffic model − shared BOH · bank zeros % until T12 | ||||
| C · + Bar | +$95,000 | −$52,250 | $143,149 | ~$1.72M |
| ~$95k bar gross floor · ~$42.8k contribution · bank excludes until liquor T12 | ||||
| D · + Court (partner lock) | +$12,000 | −$3,000 | $151,427 | ~$1.82M |
| Stabilized NOI · Likely (D) | — | — | ~$151k | ~$1.82M |
3 · After the mortgage · ~$3.5M stack
Full partner stack vs $26k/mo debt service
Locked mortgage case: ~$3.5M · ~$26,000/mo P&I.
Formula: Cash after debt = NOI − $26k · DSCR = NOI ÷ $26k.
Lenders usually want ≥1.25×–1.35× — this stack clears that with room.
| NOI case | NOI/mo | Mortgage $26k/mo |
Cash after debt | DSCR |
|---|---|---|---|---|
| A · Keys only (bank) | $64,185 | −$26,000 | ~$39k | 2.5× |
| B · Keys + CRAVE traffic | $99,677 | −$26,000 | ~$74k | 3.9× |
| C · Keys + CRAVE + bar | $143,149 | −$26,000 | ~$117k | 5.5× |
| D · Full partner lock (+ court) | $151,427 | −$26,000 | ~$125k | 5.8× |
$26kMortgage P&I · ~$3.5M
~$125kCash after debt · full stack
5.8×DSCR · $151k ÷ $26k
~$1.51MAnnual after mortgage · case D
Stack everything: keys + CRAVE + bar + court = ~$151k NOI − $26k mortgage = ~$125k/mo before tax / promote — still six figures clear of the note. Keys + CRAVE alone still covers the mortgage at 3.9× (~$74k left). Optional L2 beauty/barber is upside until chair LOIs — see scenario below.
4 · Staff & expenses · already inside the NOI
Employees are paid before the ~$125k
Line-item build for the locked stubs — not a second opex cut. Lean monthly residence labor (weekly turns, not full-service nightly) + bar pour/payroll. Totals land inside the 38% keys / ~55% bar / $8k BOH / $3k court already used above. NOI and mortgage math unchanged.
Keys · labor (loaded)
| Front desk · day/eve | ~$5.9k |
| Housekeeping · weekly turns | ~$7.1k |
| Maintenance / grounds | ~$3.2k |
| Night · on-call | ~$1.7k |
| GM overlay · owner-ops / shared | ~$2.4k |
| Labor | ~$20.3k |
Keys · non-labor
| Utilities | ~$7.2k |
| PMS · Wi-Fi · cable | ~$1.5k |
| Insurance · ops share | ~$2.8k |
| Supplies · linen · guest | ~$2.2k |
| Marketing · repairs · FF&E reserve | ~$3.9k |
| Non-labor | ~$17.6k |
| Engine | Line-item total | Locked stub | What’s inside |
|---|---|---|---|
| Keys · Residences | ~$37.9k | $39,340 · 38% | Staff + util + insurance + reserves · ~$1.9k cushion |
| Bar | ~$45k | ~$52.3k · ~55% | Pour ~$21k + bartenders/lead/door ~$21k + other · room left |
| CRAVE BOH | $12,000 | $12,000 | Shared dish / grease / waste · util share — chefs pay their own cook labor |
| Court | $3,000 | $3,000 | Setup · soft goods · peak help |
Inside stubNo second hit to NOI
~$151kNOI still the lock
~$125kAfter $26k mortgage
Lean residencesWeekly HK · not full-service hotel payroll
5 · Guest check · all-in vs comps
What they pay with utilities — one invoice
Mirage $2,400 / $3,400 is all-in (furniture · util · Wi-Fi · parking · fitness · pool · 30-day). Corridor apartments list lower — until you add the stack guests actually write checks for.
| 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. 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 · one invoice | $2,400 · 610 SF ≈ $80 / night · 30-day |
$3,400 · 850 SF ≈ $113 / night · 30-day |
| Delta vs true furnished short-stay | ≈ even to +$250 | ≈ +$650–$940 (premium key) |
$2,40048×610 residence units · ≈ 1BR loaded
$3,400All-in · 8 keys · larger residences
One checkNo Entergy + Cox + U-Haul
30-dayNot a 12-month apartment trap
Full partner brief table: decide · true cost →
Option · Floor 2 half
Beauty + barber suites · why we show it
Upscale hotels already put salon, nails, and men’s grooming next to fitness and the pool — guests expect services without leaving the address. Solera Salon Suites and Sola Salon Studios already proved the landlord model: independents pay a flat weekly suite rent; the building is real estate, not a commission salon. Mirage stacks both on half of L2: 30 beauty + 10 barber @ $225/wk (~$39k/mo potential) instead of ~7 residence keys (~$8–10k NOI). Chairs win by ~$14k–$25k/mo; building becomes 49 residences + 40 suites + CRAVE.
40Suites · 30 beauty · 10 barber
$225Per week · Solera/Sola math
+$24k≈ NOI lift vs keys lost
49residence keys remain
Contribution by engine · Likely
Where the $151k NOI comes from
| Engine | NOI/mo | Share | Notes |
|---|---|---|---|
| 56 residence keys | ~$80k | 54% | 72.7% occ · 38% opex |
| CRAVE restaurant | ~$19k | 13% | $27k licenses − $8k support |
| CRAVE bar | ~$43k | 29% | $95k gross − ~55% COGS/payroll |
| Court | ~$6k | 4% | Events · bar attach |
| Stabilized NOI · Likely | ~$151k | 100% | ~$1.82M / yr |
Capital · land basis · build
~$3.5M all-in · land $435k + locked lean build
$435kLand locked · ~$198k/ac
~$653k$/ac · 1901 corridor ask
~$1.44M2.2 ac @ corridor $/ac
~$1.0MLand steal vs list $/ac
~$9.35MSales comp @ CO
Why the land basis is a steal: Live corridor ask — 1901 Manhattan · LACDB / NAI Rampart — 22.5 ac @ $14.70M ≈ $653k/ac (MU-CD · Fountain Park rear). Same band: LoopNet · Manhattan & Harvey Blvd. Mirage locked ~$435k on 2.2 ac (~$198k/ac) vs sold RaceTrac $472,222/ac · School Board $330,870/ac → appraisal target $1.0M–$1.25M — about ~$1.0M under that corridor list rate. Listings ≠ closed sales; full worksheet: valuation · land steal →
Section 5 · Why this site · Rev J
Same flag lot · bigger stabilized upside
2.2-acre flag lot (Lot P-2-A1Y4 · bowl + neck · 95,795 SF) · MU-CD pre-app path · corridor ~45k VPD · fee simple at capital event.
Rev J · MIRAGE + CRAVE · 56 Mirage Residences · wellness killed · accessory grand court · steel GATE ≤$1.0M.
Rev 9 bid sheet · steel engineering packet · Day 1 VE phases pool · palm accessories · some retail curtain wall.
Five gross lanes · two NET engines (platform $79k + hotel $66k). Conservative stress ~$110k/mo NET.
Risk mitigations · Rev J
What we already locked
- Jefferson MU-CD pre-app path locked — parking · flood desktop · circulation · 56-key Item 22
- Rev J CFS engineering packet · grand court civil H-1 · AOR handoff ready for permit submittal
- Day 1 VE — pool IN ($85k) · porte lean · wellness killed · steel Path A/C ≤$1.0M
- 56-key repeat plate module · stacked wet walls · one elevator · predictable GC line count
- Grand court = accessory lawn · dual entry MIRAGE + CRAVE — no ballroom permit fight
Data room · Rev J
Ready vs still needed
Ready Program lockRev J layout · 56 Residences · grand court · CRAVE
Ready GC bid targetBuild inside ~$3.5M all-in · line-by-line cost model
Ready Photo exhibitsSite · aerial · entrance · corridor renders
NDA Capital terms~$3.5M stack · preferred · promote · draw gates
At close Third partyStamped GC · MAI · kitchen LOIs · ALTA survey