Inlet Market FAQ
What is provided in terms of buildout?
Depending on Chef/Partner, build out will include a specific combination of equipment for cooking and refrigeration, an ansul system where needed, triple sink, and hand sink. Chef/partner will be responsible for FOH textures, counter, paint. In year 1 there will not be seating inside individual partner spaces. All seating is communal outdoors and under the pergola.
How much is the rent?
Instead of a traditional lease arrangement, there is a Operator License Fee which is a percentage of sales and covers much of the fixed fee operating and occupancy expenses for each Chef/Partner. We want you to do what chefs do best - order their product and cook!
What does the Operator Fee cover?
Chef/partner Agreements are inclusive of utilities, trash collection, POS, common areas, and building insurance so it’s all in one monthly fee. Sales tax and credit card fees are deducted from gross receipts and paid by the Inlet Market LLC on behalf all partners. IMLLC will also secure the health department permits.
IMLLC will furnish and operate the communal seating are and also offers a menu of additional a la carte services for a fee to all Food Hall occupants as well – such as accounting services, marketing and online offerings and access to possible lending sources.
How does the POS work?
Utilizing a single POS, the Inlet Market LLC will collect all F&B revenues and pay out a percentage of revenues to the Chef/Partners. Each Chef/Partner will have private access to their POS.
What do you think this will cost a Tenant in build-out and overall cost of opening?
We will not be providing any improvement allowances due to our provision of the basic heavy restaurant equipment (burners, ovens, fryers), triple sink, hand sink duct work, utilities, floor drains and skeletal walls. It is our estimation that your overall costs will be minimal compared to setting up your own restaurant as you will also not have to provide seating, bussing or waitstaff, health department permit or other guest accommodation such as restrooms.
What about general maintenance/upkeep and trash removal?
IMLLC provides trash handling facility on site. In addition, IMLLC provides staff to keep all common areas clean and accessible and will manage all waste removal from the common waste area.
How about the Health Department permits?
As the Inlet Market will be building out the spaces, IMLLC will apply and pay for one single health department permit for the entire market. Each Chef/partner operator will provide a menu and HACCP Plan and be responsible for fees associated with re-visits needed by the health department for any changes. Each operator will be responsible for and expected to maintain their areas with a high level of cleanliness and attention to detail. Additionally, each stall operator will be required to maintain certain scores dictated in the Chef/partner Agreement.
What are the Hours of Operation?
During the Summer, from Memorial Day to Labor Day, the Inlet Market Food Hall is open from seven days a week for breakfast, lunch and dinner. The specific hours for the Food Hall are 11 a.m. – 11 p.m. with possible consideration for extended hours on weekends. Vendors are welcomed to open earlier if they choose. In the Shoulder Season, Operators are expected to be open weekends in May and September.
Is there Marketing included?
Inlet Market Food Hall has a marketing and promotions staff that will constantly promote the Food Hall through paid and an organic placement. Its efforts are included in the Chef/partner Operator Fee. We have secured print, radio, on-line and social advertising for the Inlet Market and individual chef/partners. There will be signature events and feature activation to highlight the overall Food Hall and drive traffic into the operators establishments.
How about Alcohol Sales?
One Class B Alcohol license including beer/wine & liquor will be held by Inlet Market LLC. Individual stall owners are not allowed to sell or serve alcohol at their stalls. Your guests may wander the food hall and choose their own beverages from multiple locations in the Food Hall and you will be encouraged to sell non-alcoholic beverages that best represent your food and vibe.
What concepts are we looking for?
The Inlet Market Food Hall has an array of food ideas in mind but we will be completely open to new and innovative ideas that we might not have on our list of potential operators. We'd love to see Authentic Mexican, New England Lobster Rolls, Bao Buns, BBQ, Artisan Pizza - Our goal is ‘best of class’ chef partners and to that end we will conduct comprehensive food tastings with potential operators.
What else do I need to know?
Each operator will be asked to present a simple yet thorough business plan that will detail the trade dress, specific stall concept/culture statement, design inspirations, menu with pricing and general layout of the space – all of which will become exhibits to the individual Chef/partner Operator Agreement.