Gras Roots Marketing LLC | Application Preview
Gras Roots Marketing LLC is applying for government grants to fund the removal and replacement of a 70-foot metal porch roof on their building, which is currently unsafe and leaking due to damage from snow loads. The existing roof is supported by steel I-beams that will remain in place, and a new structure will be built around them by Johnson Sign Company.
The business’s plan aims to have all ten retail spaces available for lease by April 1, 2024. Currently, there are four shops open, with a fifth under contract and a list of potential lessees interested in the remaining spaces. Future plans include petitioning the city to build an additional story, incorporating three luxury condominiums and three family apartments.
The application emphasizes that, despite being only partially operational, the business is already generating enough revenue to cover expenses, with expectations of reaching a net revenue of $6,000 to $7,000 per month once all shops are leased. The condos are projected to sell for $499,000 to $599,000, while the apartments are anticipated to rent for $1,200 to $1,600 monthly, providing further revenue streams.
Gras Roots Marketing highlights its unique market positioning, stating there is no competition in Manistee for the type of retail space they offer. Located in a tourist-heavy area of the historic downtown district, the business will attract foot traffic from visitors exploring the Manistee river boardwalk. They aim to fulfill the community's needs for affordable retail and housing, reinforcing their competitive edge.
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General Information
Business Registration Number: 802436843
Location: Brethren, MI, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
We will use the funding to remove the existing 70' long flat metal 'roof' on the front of the building (like a porch) as it was installed in the 1960s and is no longer safe or waterproof. Water pools against the building as the roog has tilted inward from snow load. We have water damage we are remediating but the porch roof needs to be removed and replaced. It is built on steel I-beams which penetrate the brick facia and go into the cinderblack and are welded in, so they will remain and the new canopy structure will be built around them by Johnson Sign Company.
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Business Plan
We will have all 10 retail spaces open to lease by April 1st 2024. We currently have 4 open shops and a fifth space under contract with deposit, and a list of people interested in leasing when the shops are closer to completion. After completion, we will petition the city to add a story and install 3 luxury condominiums on the waterfront side, and 3 family apartments on the street side. Even though we are only partially open, with the previous owners tenants held over, we are already revenue-nuetral. When all 10 shops are leased we will be +$6 to $7K per month net revenue. Once the condominiums and apartments are built, the condos will sell for between $499 and $599 depending on the market, and the apartments will rent for between $1200 and $1600 per month, creating two more revenue streams (HOA from condos and monthly rent from apartments).
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Self Identified Competition
There is NOBODY in the city of Manistee that is using this concept. I am in the heart of the Victorian downtown historical district, where the tourists flock spring/summer/ fall, and the start of the Manistee river boardwalk is right behind my building. People walking by will see my 70+ feet of street frontage/store windows and come in for something they see, and then browse all of the other shops in the mall area, enjoying the only public bathroom for two blocks, cold air conditioning, and filtered drinking fountains with water bottle refill stations. I literally have no competitiors in this town. Retail space, especially smaller and affordable space in tourist areas, and living spaces are the two biggest needs in this community and my project addresses both.
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