🍕Executive Summary
A dual-brand quick-serve franchise on the Ascension St. Vincent's hospital campus
💡 The Big Insight
Your landlord IS the hospital. Ascension St. Vincent's Health System owns the property. This gives you a built-in institutional relationship for catering, events, and 5,000+ employee foot traffic — an advantage no competitor can replicate.
$270K
Projected EBITDA (Y1)
23.1%
EBITDA Margin
$450-600K
Total Investment
4
Revenue Streams
The Concept
Brand 1
🔥 V Express / Veloce Italian Market
Wood-fired Neapolitan pizza (90-sec cook), sandwiches, panini, wings, salads, burgers. Open kitchen with Stefano Ferrara oven. Italian market retail (fresh pasta, sauces, take-home). No fryers, no microwaves.
Brand 2
☕ The Grind Coffee Co.
Specialty brewed coffees, espresso, cold brew. Breakfast pastries via TurboChef oven. Early morning through afternoon. Captures hospital shift changes (7am, 3pm) and morning commuters.
Why This Works
Captive Audience
25,000+
Daily population within delivery radius. Hospital employees, corporate workers (FIS, FNF, Black Knight), Riverside residents.
Comp Validation
$2,200/day
Anthony's Raleigh Veloce — basic takeout only, NO hospital, NO corporate catering, NO coffee. Your concept adds 3 revenue streams on top.
Monthly Occupancy
$5,385
Base rent $4,021 + NNN $1,364. Only 5.5% of projected revenue — extremely favorable for Riverside/downtown.
Brand Equity
V Pizza
13 locations, est. 2014. Best Neapolitan Pizza (Jax Magazine), Best Pizza (FL Times-Union). Recognized by USA Today and Buzzfeed.
Competitive Moat
- No premium QSR + coffee combo exists in the Riverside/hospital corridor
- Landlord = hospital — built-in relationship for catering/vendor contracts that competitors can't access
- V Pizza brand recognition in Jacksonville is unmatched for artisan pizza
- Owner.com flat-fee delivery — far better margins than DoorDash/UberEats commission models
- Family-operated — Chris (kitchen, 24mo training), Jacob (GM/FOH), Liana (point) = stability + alignment
📍Location Analysis
2545 Riverside Avenue, Suite 1 — on the Ascension St. Vincent's campus
Space
1,462 SF Interior
+ outdoor patio (12-16 seats). Corner unit in Mediterranean/Spanish revival building with landmark tower. Existing hood/exhaust from prior tenant.
Lease Term
10 Years + 2×5yr Options
120 months initial. Two 5-year renewal options (180 days notice). Up to 20 years total.
Lease Economics
| Item | Monthly | Annual | Notes |
|---|---|---|---|
| Base Rent | $4,020.50 | $48,246 | 3% annual escalator |
| NNN (taxes, insurance, CAM) | $1,364 | $16,374 | $11.20/SF/year |
| Total Occupancy | $5,385 | $64,620 | 5.5% of projected revenue |
Key Lease Terms
| Term | Detail |
|---|---|
| TI Allowance | $73,100 from landlord (Ascension) |
| Security Deposit | None |
| Personal Guarantee | Declining — limited to 12 months' rent after initial term ✅ |
| Alcohol | Beer/wine only, ≤35% of gross sales, no bar |
| Operating Hours | Minimum 10am-8pm Mon-Fri (planning early AM for coffee) |
| Signage | One storefront sign on front elevation |
| Rent Commencement | Earlier of 180 days after possession OR opening day |
Demand Anchors
| Anchor | Distance | Size | Opportunity |
|---|---|---|---|
| 🏥 Ascension St. Vincent's Riverside | Adjacent (landlord) | 584 beds, 5,000+ staff | Staff meals, events, catering, vendor partnership |
| 🏢 FIS (Fidelity National Info Svcs) | ~1 mile | 10,000+ employees (HQ) | Lunch delivery, corporate catering |
| 🏢 Fidelity National Financial | ~1 mile | 10,000+ employees (HQ) | Lunch delivery, corporate catering |
| 🏢 Black Knight (ICE) | ~1 mile | Same campus as FNF | Lunch delivery, corporate catering |
| 🏘 Riverside/Avondale Residential | Surrounding | ~30,000 residents | Dinner, delivery, weekends |
| 🛍 5 Points / Shoppes of Avondale | <1 mile | Retail/dining district | Evening/weekend foot traffic |
💰Revenue Model
Four distinct revenue streams — diversified and defensible
Stream 1: Dine-In + Takeout (Core QSR)
Walk-in counter service, grab-and-go slices, patio dining
| Total Seats | ~30-36 (16-20 indoor + 12-16 patio) |
| Average Check | $16-18 (pizza + drink) |
| Turns/Seat/Day | 3-4 (lunch + dinner peaks) |
| Peak Hours | 11am-2pm (lunch), 5pm-8pm (dinner) |
Stream 2: Delivery (Owner.com)
Flat-fee platform — delivery charge passed to customer. NOT DoorDash/UberEats commission model.
| Platform | Owner.com (flat monthly fee, moving from ShipDay) |
| Avg Delivery Order | $28-35 (multi-item, higher AOV) |
| Margin Advantage | ~Same as dine-in minus packaging (vs 15-30% platform commission) |
| Delivery Radius | Riverside / Downtown Jacksonville |
🔑 Margin Advantage
Owner.com flat-fee delivery adds ~$37K/year to the bottom line vs. DoorDash/UberEats commission model. This is a significant structural advantage.
Stream 3: Hospital Channel (Ascension St. Vincent's)
Captive audience — landlord relationship enables warm intros to food services, physician lounges, and events
| Staff | 5,000+ employees across 3 shifts (7am, 3pm, 7pm, 11pm changes) |
| Patient/Visitors | 584 beds × avg 2 visitors = 1,000+ daily visitors |
| Events | Medical conferences, seminars, equipment reviews, board meetings |
| Opportunity | Preferred vendor contract, physician lounge catering, event packages |
Stream 4: Corporate Catering
Recurring office lunch and event catering to the Riverside/downtown corporate corridor
| Target Accounts | FIS (10K+), FNF (10K+), Black Knight, local SMBs |
| Avg Catering Order | $200-500 per delivery |
| Goal (at maturity) | 3-5 recurring weekly accounts |
| Menu | Pizza + salad packages, Italian market platters, coffee service |
Bonus Stream: The Grind — Morning Coffee
Specialty coffee bar operating from early morning, capturing hospital shift changes and commuters
| Hours | ~6:30am - transitions to lunch service |
| Avg Coffee Ticket | $5-7 |
| Breakfast Add-ons | $3-5 (pastries via TurboChef) |
| Key Windows | 7am shift change, morning commuters, 3pm shift change |
Revenue Projections
| Scenario | Daily Revenue | Annual Revenue | Context |
|---|---|---|---|
| Stress Case | $2,200 | $780,000 | Anthony's Raleigh baseline (no added streams) |
| Conservative (Y1 Ramp) | $2,500 | $912,500 | Modest hospital + delivery upside |
| Base Case (Y1 Steady) | $3,200 | $1,168,000 | 4 streams firing, hospital developing |
| Upside (Y2+) | $4,000-4,500 | $1.46-1.64M | Catering mature, hospital contracts, brand established |
📊Pro Forma P&L
Base case: $1,168,000 annual revenue ($3,200/day)
| Line Item | Amount | % Revenue | Notes |
|---|---|---|---|
| Gross Revenue | $1,168,000 | 100% | |
| COGS (Food & Beverage) | ($350,400) | 30% | Pizza = high margin; coffee = very high margin |
| Gross Profit | $817,600 | 70% | |
| Labor | ($315,360) | 27% | Counter-service model = lean staff |
| Occupancy (Rent + NNN) | ($64,620) | 5.5% | Very favorable for Riverside |
| Royalty (6%) | ($70,080) | 6% | V Pizza franchise royalty |
| Marketing Fund (3%) | ($35,040) | 3% | V Pizza system marketing |
| Delivery Platform (Owner.com) | ($9,600) | 0.8% | Flat fee — huge advantage vs % commission |
| Insurance | ($6,000) | 0.5% | |
| POS / Tech | ($4,800) | 0.4% | Toast POS required |
| Local Marketing | ($6,000) | 0.5% | Above franchise fund |
| Credit Card Processing | ($32,704) | 2.8% | |
| Misc / Admin | ($3,600) | 0.3% | |
| EBITDA | $269,796 | 23.1% | |
| SBA Debt Service | ($60,000) | 5.1% | Est. $350-400K loan @ 10yr |
| Net Operating Income | $209,796 | 18.0% |
Scenario Analysis
📝 Key Assumptions
COGS 30% · Labor 27% · Owner.com flat-fee delivery (not % commission) · Beer/wine only · Counter-service model (no table service labor) · SBA 7(a) at ~9-10% over 10 years
💵Initial Investment
Adjusted for V Express format (1,462 SF vs standard 4,000-6,500 SF)
$450-600K
Total Investment
$73,100
TI Allowance (Landlord)
$377-527K
Net Out-of-Pocket
$712K-975K
Standard V Pizza (FDD)
Investment Breakdown
| Category | FDD Range (Standard) | V Express Estimate | Notes |
|---|---|---|---|
| Franchise Fee | $35,000 | $35,000 | Per FDD |
| Opening Team + Project Mgmt | $10,000 | $10,000 | |
| Leasehold Improvements | $210-240K | $120-150K | ~1/3 the size; existing hood/plumbing; $73.1K TI offset |
| Signage | $5-15K | $10-15K | Dual branding (Veloce + Grind) |
| FF&E | $151-190K | $100-130K | Smaller space, fewer tables |
| Ovens (2× Ferrara + TurboChef) | incl. above | $55-65K | 2 × €17K + ship + TurboChef ~$10-15K |
| Tech / AV / POS | $57.5-95K | $35-50K | Scaled for smaller space |
| Coffee Equipment (The Grind) | N/A | $15-25K | Espresso machine, grinders, cold brew |
| Grand Opening Marketing | $15,000 | $15,000 | Minimum per FDD |
| Training + Pre-opening Labor | $5-8K | $8,000 | 3 people, 4-6 weeks (local = lower cost) |
| Opening Inventory | $10.5-18.5K | $12-15K | |
| Insurance + Deposits | $3.5-6.5K | $4,500 | |
| Professional Fees | $10-16K | $12-15K | LLC, franchise attorney, CPA |
| Architect + Permitting | $12.5-14.5K | $20-30K | OGI (recommended) |
| Beer & Wine License | $2-6K | $3-5K | FL beer/wine only |
| Additional Funds (3 months) | $175-275K | $100-150K | Lower fixed costs = lower cushion needed |
| TOTAL | $712K-975K | $450K-600K | 35-40% savings vs standard |
💰 TI Allowance Offset
Landlord (Ascension) provides $73,100 in tenant improvement allowance, paid after completion. This brings net out-of-pocket to approximately $377K-$527K.
🏛Entity & Capital Structure
Recommended structure for tax efficiency, liability protection, and SBA qualification
Recommended Entity: Florida LLC → S-Corp Election
Step 1
Form Florida LLC
File on Sunbiz.org (~$150). Name: "V Express Riverside LLC" or similar. Members: Liana (Managing Member), Kevin (Member). Operating Agreement with clear roles, capital accounts, profit distribution.
Step 2
S-Corp Election (Form 2553)
File within 75 days of formation. Saves ~15.3% self-employment tax on distributions above "reasonable salary." At $170K+ NOI, savings = $10-15K/year. Liana takes salary as operator (~$50-60K).
Step 3
EIN + Banking
Apply for EIN on IRS.gov (instant). Open dedicated business checking + savings (Chase Business Complete or similar). Separate account from Day 1 for clean franchise reporting.
💡 Why Liana as Managing Member
She's the day-to-day operator (point person). Kevin's W-2 at Tebra = separate income stream. May qualify for women-owned business programs (SBA WOSB). Kevin as Member/passive investor = cleaner structure.
Capital Structure: SBA 7(a) + Owner Equity
| Source | Amount | % of Total | Notes |
|---|---|---|---|
| SBA 7(a) Loan | $350,000 - $400,000 | 70-75% | 10-year term, ~9-10% interest |
| Owner Equity | $100,000 - $150,000 | 20-25% | Demonstrates skin in the game |
| TI Allowance (reimbursed) | $73,100 | — | Paid by Ascension after completion |
| Total Available | $523K - $623K | 100% | Covers full investment range + cushion |
Tax Advantages
Section 179 Deduction
Most equipment/FF&E deductible in Year 1 (up to $1.16M limit for 2026). Significant first-year tax benefit.
QBI Deduction (20%)
20% of qualified business income deduction through S-Corp pass-through. At projected income = $34-42K tax savings.
No State Income Tax
Florida advantage — all business income taxed only at federal level.
📅Critical Path to Opening
Target: Q1 2027 launch (~6-8 months from franchise agreement signing)
Phase 1: Foundation
September 2026
- Form LLC in Florida (Sunbiz.org, ~$150)
- Obtain EIN (IRS.gov, instant)
- Open business bank account
- Execute FDD pages 202-210 → starts 14-day clock
- Engage franchise attorney for FDD review
- Begin SBA loan pre-qualification
- File S-Corp election (Form 2553)
Phase 2: Agreements & Design
October 2026
- Sign franchise agreement (after 14-day waiting period) — pay $35,000
- Execute lease with Ascension / St. Vincent's
- Meet with OGI architect — joint call with Antonette
- Initiate Invision Construction + get 2 additional GC bids
- Order 2 Stefano Ferrara ovens (30% deposit ≈ €10,200)
- Order TurboChef oven
- Begin SBA loan full application
Phase 3: Design & Permitting
November – December 2026
- Architectural plans complete (OGI)
- Submit plans to landlord (within 45 days of lease)
- Landlord approves plans
- Submit for City of Jacksonville permits
- SBA loan closes
- Coffee equipment selected and ordered
- Menu finalization with Antonette / V Pizza team
Phase 4: Construction
January – February 2027
- GC begins buildout
- Ovens delivered from Italy (Cordara Shipping)
- GC unloads and sets ovens
- FF&E procurement and installation
- Signage fabrication and installation
- POS setup (Toast via Cloudpoint Hospitality)
- Beer & wine license application
Phase 5: Pre-Opening
March 2027
- Training: Chris, Jacob, + Liana (4-6 weeks at V Pizza Jax)
- Hire and train staff (est. 8-12 employees)
- Opening inventory order
- Grand opening marketing campaign ($15K minimum)
- Health department inspection
- Owner.com delivery setup
- Soft opening (friends & family, hospital staff preview)
Phase 6: Launch
April 2027
- 🚀 Grand Opening
- V Pizza Opening Team on-site (up to 11 days)
- Begin hospital channel outreach
- Begin corporate catering outreach
- First 90 days: ops stabilization + menu optimization
⚠️ Critical Path Items
Oven lead time (7-10 weeks from Italy) and permitting are the longest poles. Order ovens as soon as franchise agreement is signed. Existing tenant must vacate — lease has 90-day termination clause if delayed.
👥Team & Key Contacts
Family operators + V Pizza franchise support
Our Team
LM
Liana Marasco
Managing Member / Point Person
Day-to-day operations lead through launch and beyond
KM
Kevin Marasco
Member / Strategy & Structure
Strategy, capital structure, and business planning through launch
CM
Chris Marasco
Kitchen Operations
Kevin's brother. 24 months training in V Pizza kitchen — knows the food side
J
Jacob
General Manager / Front of House
Liana's nephew. Will run day-to-day FOH operations
V Pizza Franchise Team
AP
Antonette Palacios
CEO, V Pizza
antonette.palacios@vpizza.com · 503-780-5973
DV
David Villmow
Chief Growth Officer, V Pizza
david.villmow@vpizza.com · 423-605-9497
Advisors & Partners
PS
Paul Scott
Advisor / V Pizza Owner
pscott0605@gmail.com · Restaurant operations expertise
Vendors (Recommended)
OGI
OGI
Architect / Engineer
Recommended by V Pizza. Est. $20-30K. Intro pending.
IC
Invision Construction
General Contractor
Ryan Sparrell & Michel Deveraux. Prior V Pizza builds. Get 2+ additional bids.
CD
Cindy Darnell
Manager, Real Estate — Ascension
cindy.darnell@ascension.org · 316-516-2787
❓Open Items & Next Steps
Decisions and actions needed to keep momentum
🔴 This Week (Sept 1-5)
- Form Florida LLC on Sunbiz.org
- Execute FDD pages 202-210 (starts 14-day clock)
- Engage franchise attorney for FDD review
- Apply for EIN on IRS.gov
- Open business bank account
- Begin SBA loan pre-qualification conversations
🟡 Strategic Questions to Resolve
| # | Question | Status | Owner |
|---|---|---|---|
| 1 | Does 6% royalty apply to The Grind (coffee) revenue? Negotiate lower % with right to spin out separately. | Negotiate | Kevin / David |
| 2 | SBA Franchise Directory — is V Pizza registered? If not, initiate registration process. | Checking | David / V Pizza |
| 3 | Hospital vendor relationship — negotiate preferred food vendor status with Ascension. | Research | Kevin / Liana |
| 4 | FDD Item 19 comp data — get Anthony's Raleigh P&L or breakout for express concept modeling. | Requested | Kevin / David |
| 5 | Early AM operating hours — confirm landlord allows pre-10am opening for The Grind. | Verify | David / Cindy |
| 6 | 2 ovens vs 1 — Paul's recommendation for 2 with gas regulators. Confirm with Antonette + kitchen layout. | Confirmed Gas Assist | Antonette |
| 7 | Chris & Jacob compensation structure — salaried vs hourly? Factor into labor model. | TBD | Kevin / Liana |
| 8 | Outdoor seating — confirm patio included in lease or requires separate approval. | Verify | David / Cindy |
| 9 | BVTTR AI integration — scope guest intelligence features for V Express. | Future | Kevin / Marvis |
📄 Key Documents
| Document | Status | Notes |
|---|---|---|
| FDD (V Pizza Franchising LLC, 3/31/2025) | Received | Under review |
| LOI — 2545 Riverside | Accepted | Lease in process |
| Lease Agreement | In Process | With Ascension legal |
| LLC Articles of Organization | Not Filed | File this week on Sunbiz.org |
| Franchise Agreement | Pending | After 14-day FDD waiting period |
| SBA Loan Application | Not Started | Pre-qualify this week |