How About This for a Way to Raise Cash in Tough Times…

Washington DC pair look to community for investment

I take my hat off to these two, one for the idea and two for generating the free press to spread the word ñ Jonathan Munsell

Restaurateurs ask Glover Park residents to invest in project

Washington Business Journal – by Missy Frederick Staff Reporter

Jared Rager and Eli Hengst are hoping the Glover Park community becomes invested in their latest restaurant ó literally.

The two partners behind three wine-centric eateries with menus focused on seasonal ingredients ó Sonoma, Mendocino Grille and Redwood ó are planning their fourth spot, Blue Ridge, at 2340 Wisconsin Ave. NW, and they are looking at an unusual approach to help finance the venture.

Blue Ridge will take the place of Thai restaurant Busara, which Hengst and Rager purchased earlier in the year. Hengst said the conversion will probably cost $250,000 to $350,000.

Part of that money will be raised through community investment. Hengst hopes to get about two dozen members of the community to invest in the venture in units of $5,000.

Those units would earn a fixed return of 8 percent over four years, and people who participate would receive dining credits that reflect their investments, as well as perks such as access to private events.

“It’s a little unconventional, but we’ve gotten a good response,” said Hengst, who has sold about one-third of the credits he is aiming to unload.

Blue Ridge will occupy about 5,500 square feet, including an enclosed back patio with a garden to seat 75 people, and a second-floor deck.

It will share the other restaurants’ emphasis on seasonal food and attention to wine, with an emphasis on products from the mid-Atlantic region.

Hengst describes the menu as “high-end Southern cuisine,” with an upscale neighborhood vibe. The wine list will center on domestic wines, particularly East Coast wines.

The prices will be similar to Sonoma, with appetizers in the $6 to $12 range and entrees of $14 to $22.

The restaurant will begin holding preview events in late December, Hengst said. His goal is to be open in time for the inauguration.

Hengst said he is not worried about starting the venture during a bleak economy.

“Is it ideal timing? No. But as with all our restaurants, we’re not a fine-dining restaurant,” he said. “It’s kind of about value. We’re buying the best ingredients, but we’re not serving it on $200 china plates.”

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