Dear Friends and Neighbors,
As you all almost certainly know there has been an effort afoot to save Mott’s Market by buying the building, renovating it and leasing it to a market operator to run a corner store. ?To date, more than 70 investors mostly from our broader Capitol Hill neighborhood have invested (mostly $5,000 to $10,000) in a newly formed limited liability company, we are nearing completion of renovations on the apartment and have submitted a permit application for the renovations to the first floor and the facade. ?We have also found an operator to lease the commercial space. ?His name is Peyton Sherwood (son of long time NBC Anchor Tom Sherwood who is co-host of the Poltics Hour with Kojo Naamdi) and he has successfully opened several restaurants/bars including St. Vincents (a wine bar and jazz venue) and Midland’s Beer Garden up on U Street.
Peyton was looking for a new project and loved the story of the neighborhood group forming to save the market and was inspired to put together a business plan that is consistent with our vision and he believes from experience can succeed. ?The front portion of the store which was the existing footprint of the market prior to closing, will continue to be used as a market. ?We have cleared out the stairwell and reoriented the stairs to the basement creating space for a sandwich counter which will sell freshly made sandwiches and other prepared foods as well as wine and beer for consumption on premises including in a garden patio in the rear and on the sidewalk out front. ? The store will also serve breakfast items and coffee drinks in the morning. ? The store will NOT be a traditional bar and will close by?8PM?but will provide another site in our neighborhood where we can gather with friends for a glass wine after work, grab lunch while working from home or send our kids after school for a bag of chips. . ?We believe Peyton has a great design aesthetic and has the experience to make this work. ?He is looking to build on the neighborhood enthusiasm and has proven very receptive to ideas such as using the store as a drop off point for the CSA that currently uses our garage as the drop-off point and selling fresh produce from the farm. ?He would also like to continue the events that the LLC has been running thoughout the year as well as implementing some other ideas of his own.
As some of you may have heard Martha and I have gotten pretty deeply involved with the project. ?We firmly believe like most of you that we live in a unique neighborhood. ?Part of what makes it so special is places like the Eastern Market, Hill Center and the many locally owned corner markets that dot the Hill. ?Once these markets are converted to housing, they are not replaced. ? So when Mott’s closed we were early joiners of the effort to Save Mott’s Market, have made a meaningful investment in the LLC and are also providing financing to Peyton. ?David (whose immigrant grandparents ran a kosher market in Newport Rhode Island) was able to lend his professional skills as a transactional lawyer to forming the entity, raising the necessary debt financing, and developing the governance model. ?He is serving on the board and along with the other board members have driven the effort to find a suitable tenant and manage the renovation. ?It is an audacious vision, and we are perilously close to pulling it off.?
We want to invite you to join us by considering an investment in the Neighborhood LLC. ?We still need to raise $50,000 of additional new investment (which will unlock $50,000 of additional commitments by the existing investor base). ?We are asking for a minimum investment of $5,000 and can arrange a payment plan over 1 to 3 years if necessary. ? Like any investment there are no guarantees but please rest assured that we have put together a business plan with assumptions we believe are reasonable (all of which we are happy to walk you though) which shows that the company will be cash flow positive within 3 years (allowing small to moderate distributions to the equity holders) and will pay off its mortgage in under 20 years doubling the equity value of the LLC units (without regard to any appreciation in the property value). If you feel any pull to join this effort as a member, we would love to give you a short presentation on the terms of the investment and the business. ??
We recognize that this is a personal decision and that not everyone has the means or desire to make such an investment. ?No worries. ?There are other ways to support the effort including participating in the “Buy a Brick” campaign which will let you buy an engraved brick (www.fundraisingbrick.com) that will be used in the patio hardscaping (and which you can visit when you come to the market) or just by becoming a loyal customer of the market when it opens later this year. ? And whether or not you choose to participate, we invite you?this Saturday afternoon?for a great event where you can see the progress, meet Peyton and celebrate Spring’s arrival with our neighbors. ?(Martha sent details in a separate email to the list-serve.)
Thanks for your consideration,
David and Martha Dantzic
P.S. ?If you have questions or would like to learn more just send David an email at?David.Dantzic@...?and we will arrange a call or meeting.
PPS feel free to text either of us as well:?
David: 301-996-4878
Martha 202-669-3818
Alissa Moghtaderi