Zara Restaurant & Lounge is unique to Midtown Atlanta. The restaurant features 3 venues in one (a concept called ‘Multi-Branding'): A Tapas Lounge, Cosmopolitan Bar, and Full Service Dining. This concept offers customers variety, offering multiple dining and entertainment options within a single establishment. The spatial and menu divisions will broaden our appeal and provide our customers with a different experience on each visit.
The atmosphere caters to a young but mature adult crowd. This is not a family dining establishment. Total space requirements are 3,000 square feet. In total, the restaurant will provide seating for 110 patrons. Where possible, consideration will be given to incorporate a dining patio. Zoning, parking, and accessibility issues will be reviewed as key criteria. We will draw on our Advisory Board as part of the site selection and lease negotiation.
Zara is focused on servicing Atlanta's growing demand for an ethnic eating experience. For lack of a better term we are launching a ‘multi-ethnic' cuisine restaurant - a restaurant concept that responds to Atlanta's need for selection and choice. Zara is a complimentary mingling of international cuisine on a single menu. The Midtown demographics fit this concept perfectly.
Our management team has over 48 years combined experience in food, restaurant and hotel, business management, finance, and marketing arenas.
The restaurant will start out as an LLC corporation, owned by its founders, Zander Hunte and Peter Smith. Mr. Smith will function as the General Manager and Executive Chef, and Mr. Hunte as Managing Partner.
Mr. Hunte and Mr. Smith have a long-standing professional relationship in the restaurant industry, stemming back to Toronto, Canada. Mr. Smith is an accomplished restauranteur, having owned several full-service restaurants. He currently owns Brassaii Restaurant (www.brassaii.com), and Bauhaus Bar and Nightclub. Mr. Smith is also an international Restaurant Consultant for top organizations such as the Starwood Group, who own the hotel chains of The Westin, Sheraton Hotels, Four Points, St. Regis, and W Hotels.
Mr. Hunte has a background in International Business Management, and is certified in Restaurant and Hotel Management. Under the management of Zander Hunte, Myth Restaurant was a feature restaurant in Toronto, and distinguished as a top 10 restaurant while under his management from 1992 - 1995.
We are currently negotiating a restaurant space of 3,000 sq. ft. in Midtown Atlanta, Georgia, and will open Zara in October of this year.
Our start-up costs are mostly expensed equipment, furniture, painting, reconstruction, rent, start-up labor, liquor license, and legal and consulting costs associated with opening our restaurant. At the start of business, $97,000 will be allocated for business operations reserve. This is a solid start-up forecast based on our market analysis and our knowledge and experience in the industry.
We will purchase the following $73,311 worth of current assets during start-up :
Long-term Assets in the amount of $65,000 include all kitchen equipment.
We have budgeted for the services for a premier Restaurant Consultant familiar with the Atlanta Market. This is especially key during the site selection and start-up stage. This company will have an integral role in validating the final restaurant location and personnel selection, and participate on the Zara Advisory Board.
The two owners are personally committing $110,000 of capital, plus a $300,000 SBA 7(A) loan guaranty. In addition, we have obtained a $130,000 grant from the city towards restoration of our historical building, as part of the city's Midtown revitalization program, contingent upon locating in the proposed space. We are seeking $200,000 of equity investment to fully fund Zara's startup costs.
Midtown Atlanta is the location selected for the Zara concept. The outlook for the future of Atlanta's Midtown district is exceptionally positive and the most progressive development area in the city. Developers are infusing over $50 billion in Commercial, Residential, and Retail development. Zara's will benefit from Atlanta's desire to revamp the Midtown district with a $130,000 renovation grant for restoring and renovating the 100 year old property we plan to lease.
The market has been carefully selected and tested for the necessary demographics and retail traffic necessary to meet the goals laid down for profitability. The busy Midtown commercial/residential location has been chosen based upon a successful demographic model and a traffic count of more than 33,000 cars daily.
Single-Level Design Concept: The total space requirement is 3,000 square feet. The restaurant will feature a comfortable and open concept design. The central dining area will allocate 76 seats, the lounge 22 seats, and the dining bar with 12 seats. In total, the restaurant will provide seating for 110 patrons. Where possible, consideration will be given to incorporate a dining patio. Zoning, parking, and accessibility issues will be reviewed as part of this analysis.
Optional Patio: During the busy summer months customers can also sit outside on our patio and we will offer a special summer menu, featuring lighter fare, exotic drinks, as well as non-alcoholic offerings. The patio setting will be a fun and casual atmosphere for the summer crowd.
The restaurant will be located in Midtown Atlanta. The restaurant will service lunch, dinner, and after-hours dining during the week and weekends. The restaurant will operate during peak service time to take advantage of street traffic, and after-hour patronage from the entertainment facilities in the area. Service will be available during the following hours:
Lunch: Monday to Saturday, 11 a.m. - 2:30 p.m.
Dinner: Monday to Saturday, 5:30 p.m. - 12 midnight
Sundays - Market brunch takeout only.