Show Notes: Keith Durst runs Friends of Chef (FOC), a consulting firm that works at the intersection of hospitality and real estate. Keith has worked on major projects in 15 different states, and he lists several projects they have worked on in New York City, such as Rockefeller Center, Lincoln Center, the Whitney Museum, and Blackstone's corporate headquarters as just a few of his projects.  Reimagining the Rockefeller Center Keith uses Rockefeller Center as a case study to explain the different stages and services his firm provides to their projects. The initial phase of the project involves understanding the needs and goals of the developer or owner.  He talks about researching the market, designing the concept, and bringing it to life with construction. Finally, they help with the launch of the project and ensure its success. The goal of the project at Rockefeller Center was to create a place where New Yorkers would want to spend their time, rather than focus on it as a tourist destination. To achieve this, the development team looked at what was missing and why and how they redeveloped the area to be more open and accessible to New Yorkers. He talks about the changes that were made and how these changes have made the area an attractive destination for locals to visit. Keith explains the specifics of how to do a needs assessment for the Rockefeller Center, including assessing the local community. They wanted to create an authentic New York experience on the campus, so they didn't rely on the competitive set. The goal was to create different levels of food and beverage, including bakeries, breweries, cafes, and sit down seating that would give people working at Rockefeller Center the ability to stay in the area to socialize and make reservations at popular places, but also that it would attract a wide demographic. In the end, Keith hopes that the changes will give people the time and energy back to spend more than one day in the area. The Friends of Chef Mission and Vision The goal of the FOC team is to create an environment that is welcoming to all kinds of people from different parts of the city. The team also plans out different day periods to maximize the restaurants' potential and manage flow periods. Keith explains why the balance between destination restaurants and quick lunch spots is important. He emphasized that it's important to bring in businesses that understand throughput and have efficient POS and under periods. Once customer needs and establishment needs have been assessed, the next step is working with the team and their engineers and leasing people to ideate and figure out how to make their plans a reality. Viable Financial Planning for Restaurants Keith talks about the process of developing a space for a restaurant. The first step is to conduct an assessment and determine which types of restaurants would be a good fit for the space. The next phase is financial underwriting, which involves understanding the costs from both the developers and operators point of view of pre-opening and building the space, as well as developing a critical path to open the restaurant.  Keith talks about the importance of having a partner mentality when working with landlords in the restaurant industry. Keith explains that a good deal cannot be done with bad people, and vice versa, and that the landlord and operator need to have a solid relationship. He adds that the two parties need to come up with a plan that works for both, and that the developer needs to have a vision that will make the property worth more. Keith then explains that when developing a financial plan, the team identifies the type of restaurant that will work in the specific location to achieve buy-in from all parties involved. Finally, he mentions the need for sign off from the executive committee of the company. Key Factors when Designing a Restaurant Keith explains that when designing a restaurant, there are a few key considerations: the developer and superi