Daily Michoud engine
~$3.4M modeled lunch capture · 8,000+ workers · no on-campus food court · repeat weekday tickets.
Lot Z · Old Gentilly Road · New Orleans East
Phase 1A Capital Partners
Mirage District — owned hospitality platform across from NASA Michoud. This page is your deal terms, five-year return model, and diligence stack. Projections are illustrative — not guarantees.
Phase 1A Partnership Pool · $1,000,000 total raise
4.4×
Illustrative return on a $1M Class A check · five-year base case
~$4.44 million total return in the model — ~$1.04M in cash distributions plus ~$3.40M at a Year 5 exit. You own 12% of the operating company powering ~$56M cumulative revenue on ~$23M operating profit (projected).
$1MYou invest
12%Class A stake
~38%IRR band
~$8.3MPost-money
$1M
In
$1.04M
Cash out
$3.40M
Exit
$4.44M
Total
Accredited investors · not an offer until counsel issues definitive docs
Seven revenue streams
Hall · Pour · vendors · catering · events · digital — not one concept carrying the P&L.
Scale without re-raising
Phase 1B + Phase 2 from operations and SBA — your $1M is the last equity ask in the base plan.
Clear deal terms
The offering
- Pool / round
- Phase 1A Partnership Pool
- Investor group
- Phase 1A Capital Partners
- Legal class
- Class A Members · Operating LLC
- Total raise
- $1,000,000
- Your ownership
- 12%
- Founder retention
- 88% + land in holdco
- Valuation at close
- ~$8.33M post-money
How & when money moves
- Tranche 1
- $400,000 — term sheet + permits + CRE term sheet
- Tranche 2
- $600,000 — CO + 60 days of operations
- Build to open
- ~8 months to CO (target)
- Liquidation pref
- 1× on $1M before common split (target)
- Reporting
- Monthly KPI · quarterly review
Return on investment — full detail
Cash while we run · exit when the platform sells or refinances. Base case anchored to Doc 44 Year 1, then disciplined growth Years 2–5.
Your return — line by line (base case)
| Item | Amount (12% Class A) |
|---|---|
| ① Investment | ($1,000,000) |
| Year 1 cash distribution* | $115,000 |
| Year 2 cash distribution* | $140,000 |
| Year 3 cash distribution* | $221,000 |
| Year 4 cash distribution* | $259,000 |
| Year 5 cash distribution* | $302,000 |
| ② Cumulative distributions | $1,037,000 |
| Year 5 exit @ 4.5× on $6.3M op profit** | $3,402,000 |
| ③ Total return | $4,439,000 |
| Net gain | $3,439,000 |
| MOIC | 4.44× |
| IRR (5-yr hold) | ~38% |
*30% / 40% payout policy on operating profit · **12%** of each distribution. **Exit multiple illustrative.
Five-year platform performance (base)
| Year | Revenue | Operating profit | 12% share | Cash to you* |
|---|---|---|---|---|
| 1 | $8.1M | $3.2M | $384K | $115K |
| 2 | $9.6M | $3.9M | $468K | $140K |
| 3 | $11.2M | $4.6M | $552K | $221K |
| 4 | $12.8M | $5.4M | $648K | $259K |
| 5 | $14.5M | $6.3M | $756K | $302K |
| Total | ~$56M | ~$23.4M | ~$2.81M | ~$1.04M |
When your money moves
- Tranche 1 — $400K · permits + CRE term sheet
- Months 1–7 — build · no guest revenue yet
- Tranche 2 — $600K · CO + 60 days of tickets
- Year 1 ops — ~$8.1M revenue · ~$3.2M operating profit
- Years 2–5 — scale · distributions grow · Phase 2 via SBA
- Year 5 — illustrative liquidity @ 4.5× profit
Exit sensitivity — your 12% at Year 5
| Multiple | Enterprise value | Your 12% | MOIC exit only |
|---|---|---|---|
| 3.5× | $22.1M | $2.65M | 2.65× |
| 4.5× base | $28.4M | $3.40M | 3.40× |
| 5.5× | $34.7M | $4.16M | 4.16× |
Planning downside — still transparent
Lower Michoud capture · partial vendors · ~50% events → Y5 ~$8.2M revenue · ~$2.4M profit · ~1.4× MOIC illustrative (distributions + 4× exit). Model detail: five-year doc.
Forward-looking — not guarantees. Tax, fees, and timing not shown. Capital reconciliation
The heart of the mission
Mirage is not a restaurant — it’s a hospitality operating system. We own land, commissary, tech, and the Mirage Hospitality Team (runners + floor) so eight founders only run kitchen + window while guests order from any seat — including the parking lot. Production (Eight+Eight) and delivery (district labor) are decoupled — that’s the platform, not a food hall with Wi‑Fi.
For chefs8 windows · $1,500/mo + 10% · hood & LDH path included · one category each
The commissaryType I · REV 9.5 · catering + events · SBA-friendly spine
Mirage DigitalUp to 8 brands · owner margin · post-LDH · no second kitchen
Mirage Hospitality Team: owner-hired runners & floor staff — vendors keep kitchen + window only. Live phone preview · OS story · spec.
Compliance-first protects the mission: permits before tickets. Mission · compliance sequence · vendor one-pager.
Thesis
- Owned land — Lot Z, LI zoning, by-right restaurant + reception + retail
- Workforce anchor — 8,000+ Michoud addressable · ~600′ · no on-campus food court
- Platform economics — vendor rent + % · Mirage Pour · lunch capture · events · catering · Mirage Digital (owner delivery margin on the commissary you already capitalized)
- Phased capex — Phase 1A core → expand from operating cash flow
Capital stack (working structure)
| Source | Amount |
|---|---|
| Phase 1A Partnership Pool (12% Class A) | $1,000,000 |
| CRE construction loan | $450,000 |
| Equipment financing | $243,000 |
| Vendor founding program | $100,000 |
| Container lease (Scope E) | ~$64,000 |
| Total deployed | ~$1,857,000 |
Use of the $1M equity (indicative): Phase 1A atmosphere + courtyard (~$366K) · pre-opening working capital (~$200K+) · partner contingency & CRE/geotech buffer (~$150K+) · hospitality OS + marketing reserve · equipment line buffer if Eight+Eight launches faster than auction schedule.
CRE loan must be re-scoped Week 1 to REV 9.5 Maison (120′×80′ + full sprinklers) — not L-core PEMB-only Scope B. See capital reconciliation.
Commissary equipment & $243K stack
Operational gear is financed off the real-estate loan (~$243K Day 1 · Doc 46): commissary line, refrigeration, POS/KDS, bar systems, plus event production (sound/stage/lighting). The 50′×50′ Type I kitchen shell, hood, duct, make-up air, and sprinklers sit on the ~$450K CRE scope.
| Doc 46 category | Day 1 | What it buys |
|---|---|---|
| 1 — Commissary line | $40K | Range, combi, fryer, sinks, prep (used-heavy target) |
| 2 — Refrigeration | $60K | 8×10 cooler, 6×8 freezer, reach-ins, ice |
| 3–5 — Sound / stage / lighting | $95K | Event production (not daily kitchen) |
| 6–7 — POS + kitchen systems | $48K | Toast, KDS, bar glasswasher + draft |
| Total | $243K | ~$4,900/mo blended debt service (modeled) |
Triple-check note: $40K cooks on used auction strategy; full new-price line for Eight+Eight peak is modeled at $70K–$110K — plan Phase 1B or equity buffer if launching all eight digital brands Day 1. Do not double-finance Ansul (assign to GC or equipment, not both).
Full kitchen equipment schedule (research + code + § XII audit)
Year 1 revenue architecture (projections · Doc 44 REV 7.7 + Eight+Eight layer)
$3.4MMichoud lunch capture
$920KDaily F&B + retail
$700KReception hall bookings
$543KVendor rent + %
$530KMirage Pour
$460KCatering + subscriptions · Mirage Express
$720K+Event amplifier
$240K–$420KMirage Digital · owner delivery brands (8+8)
| Revenue stack | Year 1 projection | Notes |
|---|---|---|
| Base (seven streams) | ~$8.1M | Doc 44 · Michoud + hall + rent + Pour + catering/Express + events |
| Mirage Digital layer | $240K–$420K | Phased launch months 7–12 · 3 brands then scale to 8 · owner margin minus ~15–30% platform fee |
| Combined ceiling (Y1) | ~$8.34M–$8.52M | Digital is upside on owned kitchen — not ghost-kitchen rent |
| Operating profit (base) | ~$3.2M | Doc 44 · digital adds ~$95K–$170K margin at ~40% contribution (modeled) |
Base projected Year 1 revenue: ~$8.1M · With Mirage Digital: ~$8.34M–$8.52M · Operating profit projection: ~$3.2M base (+ digital upside) — not guaranteed.
Digital revenue assumes commissary CO + LDH approval before listings; launch 3 brands first per ops lock. Downside planning case: ~$4.5–5.5M base revenue (10–15% Michoud capture, partial vendor fill, ~50% event calendar) — digital layer $0 if permits slip. Model uses 3,500 workers for lunch math; marketing cites 8,000+ addressable. See reconciliation · 8+8 ops.
Use of funds — priority
- Core food infrastructure — commissary, throughput, utilities, safety
- Revenue activation — catering workflows, vendor onboarding, Mirage Pour systems
- Controlled experience layer — reception-ready finish tied to demand proof (no vanity-first spend)
Milestones
| Gate | Focus | Exit signal |
|---|---|---|
| Pre-open | Core build · utilities · systems | Site + ops stack verified |
| Day 30 | Throughput tuning | Stable weekday service |
| Month 3 | B2B / catering | Recurring accounts |
| Month 6 | Margin / channels | Events additive to core |
| Month 12 | Scale readiness | KPI thresholds for Phase 2 |
De-risk factors
14 ACOwned · not a lease gamble
LI by-rightNo CUDO · permitted uses only
REV 9.5 / 7.7Program locked on drawings
300 stallsPermit baseline · event overflow per plan
Risks (transparent)
- Permit timing — pre-application complete; city review cadence affects NTP
- Construction cost — REV 9.5 building exceeds prior L-core CRE budget; rebid required
- Capture rate — lunch % of Michoud workforce is modeled, not contracted day one
- Event seasonality — weddings/corporate vary; core weekday lunch stabilizes base
Due diligence — read in order only
Do not browse every file in the folder. Use the cleaned investor package (8 steps).
Package README — start hereOne map · correct dollars · what is obsolete
Investor diligence packageFixed read order · ~50 minutes
Core numbers: ~$1,857,000 deployed (full) · $1M pool · 12% Class A · CRE $450K on REV 9.5 Maison + commissary. Lean build option: ~$1.47M–$1.53M — lean lock.
Private offering materials. No return guarantees stated or implied. Monthly operating summary + quarterly strategic review for partners (Doc 72 governance).