A presentation by Dalit Goobich & Drew Barrett
August 11th 2016
The Greenhouse On Fifth
A presentation for HBC
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Truly Great Retail Space…
...gives consumers a reason to come back. Not just seasonally or when a specific item is needed, but monthly, weekly or even daily. While products can be purchased through any medium, excitement and experience can only be created by engaging all the senses in a dynamic way.
The Greenhouse on Fifth will be that vehicle - bringing together creative programming and events, fine arts installations, and an inventive food and beverage program, all in a dazzling space that will invite customers to return again and again.
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HBC Proposal
Transforming Retail Into a Destination
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03
HBC Proposal
An Urban Oasis in Midtown
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An events and pop-up space will be the centerpiece of The Greenhouse floorplan. Leveraging and then expanding on the existing courtyard, the Lounge & Event Space will be built with lush vegetation in a light-filled structure that will allow for year-round access. This space will host rotating pop-up dinner events, fashion showcases, consumer-facing activities, branded partner events, corporate and private functions, and also provide additional seating for the Modern Food Hall.
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Upon exiting onto the 11th floor, customers will be greeted with an array of unique art galleries and workshops where they can watch the artists perform their craft and simultaneously peruse their creations. Each space will be designed to maximize sky lighting and interior visual appeal, all keeping an open and communal-style layout with modern touches.
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In order to create consistent lunchtime traffic, The Greenhouse will feature a modern-style food hall where patrons will be able to enjoy inventive, local cuisine from 10+ vendors. Food stalls will be designed in concert with the garden-feel of the Lounge & Event Space and vendors will be curated to maximize their consumer appeal and brand alignment with the ethos of the space. Additionally, we would open up the existing kitchen build-out to create a foundation for interactive culinary pop-up events in the evenings.
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Midtown is craving a space for unique happy hours and evening gatherings with colleagues and friends. The bar at The Greenhouse will feature similar vegetation and design elements as the connected Events area, and will quickly become one of the area’s favorite watering holes. The bar will also service the alcoholic beverage needs of patrons of the Modern Food hall and for any pop-up dining events.
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Above the 11th floor is where things get really interesting. Our vision is to convert the unused portion of the upper terrace into an urban rooftop farm and vineyard in which guests can meander and enjoy unobstructed views of the city. We would incorporate the existing mechanical equipment to add to the design and feel of the vineyard and farm. Weather permitting, the terrace would be used as additional event space, and ideally we can incorporate products grown on the terrace in the F&B program.
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HBC Proposal
Driving Traffic to Lower Floors
The Greenhouse on Fifth will be a game-changing asset for the retail on the lower floors by driving continual foot traffic and marketing exposure to the building via food & beverage, events, and fine arts programming.
The Greenhouse On Fifth
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HBC Proposal
Cross-Promotion Alongside HBC
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Events
Brand Partnerships
Rotating Vendors
Social Content
The Greenhouse will take a multi-pronged approach to digital and grassroots marketing, and will coordinate branding and promotion initiatives to align with the pending launch of the new HBC concept store.
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HBC Proposal
Bringing the Project to Life
The operating team behind The Greenhouse brings a unique blend of experience from construction, kitchen operations, events execution, and design at the highest levels.
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Brooklyn FoodWorks
Built 10,000sqft commercial kitchen in NYC for sub-$1mm and profitable in three months
Dinner Lab
Led initial expansion of pop-up culinary events concept from one to ten cities across U.S. as COO
Houlihan Lokey
Executed large M&A and restructuring transactions prior to shift into entrepreneurial ventures
Drew Barrett
Brooklyn FoodWorks
Designed and outfitted interior to create the premier culinary incubator in the country
United Airlines
Led design of mobile app rated highest amongst competitors in marketplace
Paperless Post
Project lead for upgrading design and UI/UX for web platform
Dalit Goobich
*As an integral piece of the new HBC concept store, we would include the IVG team vie equity ownership and board representation for The Greenhouse to ensure alignment with overall strategy.
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HBC Proposal
Baseline Profitability with Upside Value Creation
Structure:
Joint Venture ("Newco") created between Operators and HBC's Innovative Venture Group with appropriate Board representation and equity split
Master Lease:
Long-term lease between Newco and HBC entity for operation of The Greenhouse creating a baseline profit back to HBC
Investment:
HBC provides 11th floor and upper terrace in roughly 'white-box' condition for the new use, and Newco will match HBC's investment on a dollar-for-dollar basis for fit-out
Financing:
Newco will secure required funds for CapEx and OpEx via combination of debt and equity capital
Operating Model:
Newco will leverage a variety of revenue streams to generate near-term profits, including retail, events, food & beverage, and strategic sub-leases to qualified tenants
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Expansion Opportunities
Retail real estate needs to be shaken up with experiential concepts such as The Greenhouse that speak to the values and desires of the millennial demographic.
After successful proof of concept at the Fifth Avenue location, we would look for long-term value creation across other strategic HBC assets to drive additional profitability and increase the value of the underlying real estate.