Owners of the proposed Cereal Box Live, a breakfast and lunch spot that would reopen at night as a live music hall, are seeking a $21,500 Basic Retail Enhancement Program grant from the Downtown Investment Authority.
Cereal Box would serve cereal, nostalgic breakfast offerings, smoothie bowls, bagels, muffins, breakfast sandwiches and coffee, tea and juices, according to its DIA application.
It would be open in the early morning until 3 p.m. and then reopen from 5 p.m. to 3 a.m. as a live music hall. Food would be offered and it would serve beer and wine.
The business is planned at 245 E. Adams St., where Jackson also would operate Vibe Live Records and Vibe Live Studios. The plan is to lease the entire two-story building.
The DIA Retail Enhancement and Property Disposition Committee is scheduled to consider the request at its meeting at 1 p.m. Dec. 20 in the Main Library at 303 N. Laura St. The DIA will then take up the matter at its 3 p.m. meeting that day in the Main Library.
If awarded, the grant would be designated toward the $84,200 build-out and equipment costs.
Paul and Victoria Jackson applied for the grant under Vibe Live Studios LLC.
Paul Jackson is a member of the Let’s Ride Brass Band, voted the 2021 Best Band in Jacksonville by the readers of Void Magazine.
Built in 1954, the two-story, 7,312-square-foot building is at Adams and Market streets in the Cathedral Hill neighborhood.
It is owned by East Adams Properties LLC of Hollywood, Florida.
In the pro forma operating budget, Jackson stated he expects the business to generate revenue of $1.118 million, or $21,500 a week, in its first full year in operation. It projects 5% annual growth.
Expenses include $120,000 annual rent, $124,800 for the salaries and payroll taxes of seven employees, and inventory costs of $48,000.
In reviewing the pro forma, DIA suggests that the salary costs and expenses are understated. It also had reservations about the $1.118 million in first-year revenue.
The report states that if projected revenue is cut in half and expense costs are doubled, the business would still show a profit of $132,800.
In scoring the project to be worthy of the grant, it received 30 out of 55 points, the minimum needed to qualify.
Jackson created a gofundme.com page for The Cereal Bar! (Live Music Venue at Vibe Live) on Nov. 20 that has raised $360 of a $33,000 goal as of Dec. 14.
“Imagine a place where the air is infused with tunes, events ignite the city, and your favorite cereals, smoothies, and açaí bowls tantalize your taste buds,” it says.
“Every night, we’re dedicated to filling the air with melodies from talented artists and creating an electrifying atmosphere that pulses through the heart of the city.”