11th and Park – Watch


Well, the Old Bi-Rite building slated to house Meridian Pint seems to be slowly coming along. Incidentally I noticed the following from the CH Listserv:

“I am a long standing DC restaurant/bar owner, and the Columbia Heights neighborhood is the perfect setting for my second restaurant. I am seeking potential investors to get involved in this unique business opportunity. Please contact me directly at [email protected] for all the details and information.”

I recognized the email address as the same as the owner of the soon to be Meridian Pint. I emailed John Andrade to see if he was looking for investors in Meridian Pint and to see if everything was coming along according to plan. Following is his response:

“I’m happy to say that all is well and I am still on track. I am, however, looking for a few select investors to complete my budgetary needs. As the project has evolved so too has the budget. I, therefore, am reaching out to members of the community who would like to take part in the growth of the budding 11th Street corridor. Interested parties may contact me at [email protected]

14 Comment

  • The fact that he’s looking for other investors can’t be a good sign. I’m worried.

  • Translation: “I’m out of money, and need to find some one to save this sinking ship.”

  • The fact that he’s run [and grown] Asylum for 15+ years makes me think this would probably not be a bad investment. Just saying – the guy has a good track record and is really established in the community.

  • It’s standard practice so you dont need to put up your own money or go to a bank looking for a huge loan. Happens all the time.

  • Yeah, it does sound like he is in trouble. If he has other businesses and they’re profitable why can’t he use the cash to support this new venture? I would suspect he is losing money on those other businesses, this current project is taking longer/costing more than planned, can’t get a loan therefore he is looking for investors.

  • I am so excited about this project. That spot has so much potential. Have you noticed how busy Red Rocks always is? Meridian Pint is going to do very well. I see great things for the whole strip starting at Wonderland and going all the way up past Columbia Heights Coffee. If I weren’t already going to use the cash I have sitting around to renovate my house (which is also in the neighborhood), then I would definitely want to get in on this investment. This neighborhood is going places!

  • Yeah, not sure I share everyone’s doom and gloomism. It’s pretty standard to look for a syndicate of small investors for a venture like this. The more equity you have, the easier/cheaper it is to get bank or small business financing. SBA loans are now a good way to go thanks to the stimulus- the folks behind Cork received $1 million for their new “market” venture across the street from their current location.

  • How about instead of investing capital, us locals volunteer some labor hours. Seems like a lot of us may be renovating our own homes and therefore have some knowledge (if not opinions). We could paint, tile, roof, etc. Then when the project is done we can go there and enjoy the few square feet of our personal handy work.

  • Thor, you would be wrong to assume that his other business isn’t doing well. It’s doing quite well actually.

  • Room 11 solicited investors before they began construction. Founding Farmers (hugely popular restaurant in Foggy Bottom) is soliciting multiple investors ($200K minimum investment per person) to open a new location elsewhere in DC. This is standard practice.

  • Agree that this is standard practice to solicit investors and I know it’ll be a success once it opens. Can’t frickin’ wait.
    I would certainly invest if I had the dough. So I’m having to contribute the old fashion way by patronizing the other establishments – perhaps a little too much last night. Oww.

  • “Adams Morgan”: Have you seen the books? A place being full doesn’t necessarily mean it’s profitable. Unless you have some knowledge of the cost structure, debt leverage, etc then you can’t be sure it’s throwing off lots of cash or even breaking even.

  • Folks, unless you are the owner, you don’t know your ass from your elbow.

  • I just stumbled upon this thread while looking for some contact info for the owners of Social. I have heard that they might need some financial infusion and want to get involved in that! Can anyone point me in the right direction? For everyone’s knowledge, this type of thing is completely customary in the restaurant business. They can be great investments if the concept and the quality is spot on.

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