Block 37 – Latinicity
FoodHall + Market
Latinicity is Chef Richard Sandoval’s foray into the food hall space. It is a multi-sensory experience featuring 10 innovative kitchens, a tapas restaurant, coffee café, full bar, market and lounge. Located in Block 37, a shopping center in Chicago’s Loop, Latinicity brings the unique flavors of Latin America, Spain and Portugal to the heart of Chicago.
When the new owners of Block 37 in Chicago approached Richard Sandoval with a lease offer for 29,000 square foot food hall, Sandoval engaged HPI to assess the opportunity. The challenge was to determine the feasibility of the venture and, if viable, to create an experience and business model that was rewarding for the multiple parties involved.
Employing HPI’s unique, five-point analysis we completed a feasibility study for the space located in a vertical mall in Chicago’s Loop. While the deal as originally proposed did not pass muster, HPI developed and delivered a range of scenarios that would render the opportunity rewarding.
Our approach included a local market study, evaluation of the space and the facility in conjunction with consumer studies, and an assessment of the competitive landscape. The results were tested against financial projections for the proposed concepts in different scenarios. Once the optimal concept mix—given the facility restrictions and investment challenges—was identified, HPI provided counsel on the most beneficial deal structure. The team also delivered guest and staff-flow study, financial projections and preliminary capital budgeting.
We returned to the project during the lease negotiations, providing a lease review from the financial and operational perspective and specific recommendations to support the client.
– New concept development + strategic positioning
– Market studies + competitive analysis
– Master planning + space programming
– Operational functionality + facility design advisory
– Due diligence + feasibility studies
– Business modeling + plan reviews
– Financial projections + budget pro forma
– Investment scenarios + deal structures