Imagine General Contracting & Development

Imagine Coronado
& Imagine Miracle Mile

One city block in Phoenix, twelve buildings, every one its own experience.

Confidential11th Street & McDowell Road, Phoenix
The visionary · Heather Lennon

A building will speak to you if you listen.

A note on the visualsImages throughout this presentation are AI generated concept studies and inspiration, not final renderings. They are meant to show atmosphere, scale and possible direction. Exact architecture, layouts, materials and details will evolve through design, pricing and approvals.
Imagine Miracle MileImagine Coronado

One block.

Imagine Miracle MileThree buildings on McDowell, the Manoir and the Étoile for events and dining, a spa house, the Belvédère lifted twenty feet above the street, the Caveau below with Maison Conteuse, courtyards between.
Imagine CoronadoNine buildings on 11th Street, seven of them century-old bungalows all themed as the seven chakras, an urban wellness enclave, boutique overnight accommodations, Shop the Experience, and La Serre, a flexible rentable greenhouse.
Imagine Coronado

Where one withdraws from the world awhile, to rest, and to be made whole again.

Seven homes, seven chakras, and La Serre.

The possibilities

What each home may become, one threshold at a time.

RootMassage and groundingBungalow I · stay the night

Root receives you at the hearth, where the evening slows over a cup of something warm, before the hands of a practised therapist, a bath perfumed with herbs and an apothecary kitchen of tinctures return the body to the ground beneath it.

SacralMed spa and IVsBungalow II · stay the night

At Sacral, restoration is administered with the ease of a salon, an infusion taken in an armchair by the fire, a facial in the adjoining room, a bar of cold pressed juices and considered skincare, and for those disinclined to leave, a bedroom dressed in linen for the night.

Solar PlexusYoga and breath workBungalow III · stay the night

Solar Plexus opens its front rooms into a single mirrored studio, where the practice unfolds in the amber of the fire and the last of the afternoon, and the body, once warmed, is surrendered to the treatment rooms and a long, fragrant bath.

HeartCacao gatheringBungalow IV · stay the night

Heart gathers its guests in a circle before the fire, where cacao is poured from a copper pot to the low pulse of a drum, while the rooms beyond offer an altar in bloom, a quiet place to write, and two bedrooms in which the evening may softly become the morning.

ThroatSound healingBungalow V · stay the night

Throat is a house composed for listening, its salon given over to crystal bowls and the long exhale of a gong, a treatment room attuned by hand, a chair reserved for music alone, and a canopied bed for those who wish to keep the silence until daybreak.

Third EyeMeditation, sauna and cold plungeBungalow VI

Third Eye is the house of contrast and contemplation, where one reads by lamplight, withdraws into the cedar warmth of the sauna, and descends into cold stone water beneath an olive tree, emerging unmistakably clearer than one arrived.

CrownFloat spa and red lightBungalow VII

Crown is devoted to weightlessness, to an hour adrift in warm and silent water, to the rose glow of red light upon the skin, and to a fireside salon of amethyst and white linen in which to return to oneself.

The East Garden

Between the Manoir and the bungalows, the East Garden becomes one cohesive outdoor area: planted, shaded, atmospheric and rentable on its own or as overflow.

Soft threshold
Planted areas
Shade and water
Central gathering area
Shade structure, softened
Garden edge
POVThe East Garden.

A walk through one connected garden, from the softer planted edge toward La Serre.

La SerreThe rentable greenhouseYoga, dinner, speakers, cigars when called for

La Serre is the greenhouse at Imagine Coronado: a versatile space for anything from morning yoga to evening dinners, speaker buyouts and private events, with the infrastructure to shift into cigar-friendly use when the program calls for it.

La Retraite

The walk between two nervous systems.

At the Coronado end, Retraite begins in rest and digestion, shaded, planted, quiet enough for the body to soften after the homes and the gardens.

As it bends toward Imagine Miracle Mile, the path grows larger, brighter and stranger, more art, more light, more sound, more invitation, until the block feels fully awake.

Aerial concept render of La Retraite as a shaded garden paseo connecting Coronado to Imagine Miracle Mile
RouteThe spine, made real.

Retraite is the experiential walk behind the homes, wide enough to feel intentional, planted enough to hold the heat, and charged enough to announce the crossing into IMM.

Coronado endRest and digest.

The first step out of the homes is shaded and soft: low desert planting, lanterns at ankle height, places to pause, and a path that lets the body exhale before the block wakes up.

Middle passageThe living gallery.

The route compresses, opens, and becomes interactive: sound horns, reactive light, tactile art walls, scent and mist portals, mirrored thresholds, and artist-built objects people can touch, play and move through.

IMM arrivalThe portal court.

By the time Retraite reaches Imagine Miracle Mile, the garden tips into immersive art and a social courtyard that feels discovered rather than designed.

IMM campusOpened all the way.

After the portal court, Retraite releases into Imagine Miracle Mile: an activated patio to the left, restored buildings to the right, and the grounds carrying the same lush desert language all the way through.

La Retraite

From rest and digest into the alive, strange and mysterious.

The spine of Imagine Miracle Mile is a wide shaded paseo that moves from planted calm into a more alive social edge.

Shade built like infrastructure: planted rooms, immersive art, scent, lanterns, sound and theatrical oddity along the way, walkable in July.

Entry lobbyCatering kitchenPurpleOliveOrangeRecovery roomsBack of house
01 · The Manoir

Three rooms. One big room.

The interior is built around three main event rooms that can open into one large hall, with support rooms along the south side.

Entry lobby

The old waiting room becomes arrival, coat check and first drink. On full-building rentals, it can become its own rentable prefunction lounge.

Catering kitchen

A production kitchen that feeds every room on the block, and runs as its own business when the rooms are dark.

Purple

The first of three main event rooms, rentable on its own for cocktails, salons or small dinners.

Olive

The middle room, dining room scale on its own, or one-third of the larger hall when the walls open.

Orange

The third room. Together, purple, olive and orange become one large event room for the big nights.

Recovery rooms

The south side breaks into four quieter rooms, each able to hold recovery, prep or smaller programming on its own.

Back of house

Two rooms on the east end for storage and staff, the working side of the Manoir.

Open. Close. Combine.

The same building, three different nights.

Intimate

Every wall closed. The three main rooms rent separately, with the four recovery rooms held along the south side.

Half house

Two or three main rooms combine as needed, while the recovery rooms stay separate for support or smaller programming.

Full house

Purple, olive and orange open into one large room, with the entry lobby rentable as a prefunction lounge.

The Belvédère

Raise the building. Add a sky.

The Manoir rises 20 feet and the Belvédère opens across its whole footprint, four event areas with bars, music and a parapet all the way around.

  • +20 ftvertical extension of the Manoir
  • 4separate event areas on the Belvédère, bookable alone or together
  • Live loadrated deck, parapet wall, bars and sound built in
Maison Conteuse concept render of a basement Caveau cigar lounge with vaulted brick ceiling, stone foundation walls, humidor shelving, leather seating and candlelight
Maison Conteuse

Maison Conteuse.
The Caveau beneath the Manoir.

Maison Conteuse holds the cigar life of Imagine Miracle Mile below the Manoir: a lounge open every night, a private room for dinners, tastings and late shows, and Raconteuse Cigars drawn into a slower, lower-lit world.

“Raconteuse is the feminine form of raconteur, a female storyteller, skilled in the art of conversation.”
Heather Lennon
LoungeCaveau private room
Design references
The Motor Court

Between the Manoir and the Étoile.

The exterior drive between the Étoile and the Manoir becomes a working courtyard: gold garage doors open on both sides, string lights overhead, long communal tables, a rusted fire bowl, private parties, pop-ups and walk-up energy on show nights.

Motor Court concept render showing the outdoor drive between the Étoile and the Manoir with gold garage doors, string lights, long tables and a rusted fire bowl
The Étoile

The Étoile, split in two.

7,700 square feet split in two, each half with its own entry, program and hours, and gold garage doors opening onto the motor court between it and the Manoir.

  • 7,700 sfon the McDowell Road frontage
  • 2separate spaces, each programmable on its own
The Étoile concept render showing the McDowell frontage split into two visible interior halves, with hospitality and events on one side and spa and wellness rooms on the other
Spa House concept render showing the tiny freestanding McDowell-edge spa house from the site diagram, cut open with treatment rooms inside and the larger Étoile building behind it
The Spa House

Nine hundred fifty square feet of quiet.

The small mid-century building becomes the spa house, seven rooms, one treatment at a time.

  • 950 sfmid-century modern, single story
  • 7treatment rooms
The ground

Midtown Phoenix, across from Banner.

0 buildings

Twelve structures on the block, seven of them historic bungalows. Zero demolition. Miracle Mile side 2.84 acres, 32,806 square feet across three buildings.

Bars by right

Restaurants, bars, outdoor dining and alcohol service allowed within 50 ft of McDowell. Wellness, spa and galleries permitted.

One large medical center

Banner University Medical Center directly across McDowell. Thousands of staff, students and visitors every day.

Midtown

Historic neighborhood fabric at the back door. Opportunity Zone. Under a mile to I-10 and the 51.

I
The business
The thesis · Heather Lennon

“Owning a building is not saving a building.”

Adaptive reuse transforms underutilized, neglected or historic structures into dynamic, revenue-generating assets that create jobs, economic growth and neighborhood revitalization.

Historical preservation and economic viability are not mutually exclusive but inexorably linked.

“You have to put it back into use to the community in order for it to be saved. You save it by putting it back into use by the community and creating jobs with it.”
Heather Lennon
Build the placeDevelopment, construction, historic restoration, adaptive reuse.
Operate the experienceHospitality, food and beverage, events, wellness, service standards.
Fill the pipelinePre-opening sales, packages, CRM, bookings before the doors open.
Activate the missionHealth, entrepreneurship, community programming, measurable impact.
The ethos

Phoenix first. Give back. Pay the artists.

I don’t have renderings. I have questions. I want to know what people want before I start doing design.

Shop the Experience

Everything is going to be available for sale by QR code, but we are only sourcing from local small business.

The project’s guiding question is simple: who in Phoenix can help create this in a meaningful way?
Giving is built in

A standing community-impact budget, full experience packages of stays, spa, dinner and events given to charitable partners, already proven through Raconteuse Cigars.

I want this to be a place that gives back in real ways, not just a place with a mission statement.
Art is the foundation

Local artists commissioned and paid from the start, with Retraite, the courtyards, the Manoir and the bungalows as the canvas.

Artists are not being asked to work for exposure. They are being asked to help create something meaningful, and they should be paid for that work.
Revenue engines

Nine reasons to visit.

A place with many reasons to come does not depend on any one of them.

Private eventsWeddings, galas, fundraisers, milestones, buyouts.
Corporate eventsMeetings, launches, retreats, client entertainment.
Food and beverageCatering, bar, private dining, ticketed dining, packages.
Ticketed programmingEntertainment, cultural and seasonal events, health education.
Wellness and membershipsSpa, recovery, memberships, retail, corporate wellness.
Retail and collaborationsCurated goods, art, gift cards, local partners, pop-ups.
SponsorshipsAligned brands, activations, philanthropy, cultural programs.
Lodging and packagesGuest stays tied to dining, wellness and events, where applicable.
Entrepreneurship and communityFounder programming, education, mission-aligned events.
The table

Assembled in the order it gets built.

Filled in the order the block gets conceived, financed, built and run.

Vision and delivery

Imagine General Contracting & DevelopmentDevelopment, design-build, historic restoration
Heather LennonEnterprise vision, partner relationships
Len TamboerChief Operating Officer, execution

Capital and commercial

Brian MarksCapital story, lender and investor materials
Helio Hospitality / BreePre-opening sales, pricing, CRM, bookings
OneMillion EntrepreneursFounder programming, economic impact

Architecture, interiors, construction

MOR ArchitectureWellness-focused architecture
Design Works Interiors / Susan NicholsonInteriors and guest experience
Tynan GroupConstruction execution

Hospitality, events, revenue

Maple & AshFood and beverage, prospective
Hana Events + ExperiencesEvent strategy, experiential design, entertainment
MerestoneEvent production, AV, staging, fabrication

Health, wellness, community

Shauna Reed / EminentHealthy-city culture, community wellness
Cynthia MedinaPhysician engagement, health education

Open seats

Spa and wellness operatorOpen seat · wellness campus
Coffee and daytime hospitalityOpen seat · daily activation
For Maple & Ash

The culinary heart of the block.

Food and beverage sets the guest experience, the event economics and the price the block can hold, so bring the principles that make premium hospitality work.

  • Food and beverage as a reason to visit, not an event add-on.
  • An atmosphere that makes dining and celebration feel like an occasion.
  • Bar, wine, cocktail, private dining and buyout capability.
  • Service standards that hold premium pricing and bring people back.
  • Packages that connect dining, events, wellness and hospitality.
Potential scope, in phases
  • Culinary concept and destination-wide food and beverage strategy
  • Event catering, banquets, private dining, buyouts
  • Bar programming and beverage standards
  • Service culture, training, staffing models
  • Kitchen planning and back-of-house flow
  • Co-branded or exclusive experiences where it makes sense

Any relationship is subject to diligence and a definitive agreement on scope, economics, brand use, operating responsibility, licensing, staffing, controls and performance.

The open seat

Spa and wellness operator.

A partner who can build and run a complete wellness business across the campus, in the room before design is final.

  • Define the concept, day spa, recovery studio, membership club or a hybrid
  • Shape layout, wet areas, mechanical, sound, laundry and retail before MEP is final
  • Build services, staffing, training, memberships, packages
  • Own the P&L, pricing, utilization, labor, retail margin, retention
  • Run booking, POS, waivers, memberships, reporting
  • Hold licensing, sanitation, insurance and scope-of-practice lines
Execution and capital

Built to be financed, not just admired.

Execution priorities

  • Venue general manager. Day-to-day performance, readiness, staffing, guest standards
  • Finance and asset management. Master pro forma, capital plan, P&Ls, lender reporting
  • Legal and governance. Ownership, scope, fees, brand use, exit rights
  • Brand and marketing. One story, turned into bookings, members, sponsors
  • Technology stack. CRM, booking, POS, ticketing, memberships, payments
  • Arrival, parking, security. Valet, rideshare, ADA, crowd flow, late-night operations
  • Permitting and compliance. Building, fire, liquor, food, spa, ADA, entertainment

The capital package

  • Executive summary and destination thesis
  • Property and development scope
  • Historic adaptive-reuse strategy, entitlement and permitting status
  • Sources and uses, construction budget, contingency, schedule
  • Operating plan by revenue channel
  • Market strategy, pre-opening sales plan, booking pipeline
  • Partner roles, scope boundaries, accountability
  • Food and beverage, events, wellness and membership strategy
  • Pro forma, cash flow, departmental P&Ls, debt service, stabilization
  • Collateral, guarantees, completion strategy, repayment and exit
  • Governance, legal structure, partner economics, reporting
Heather LennonEnterprise vision and partner relationships
Len TamboerChief Operating Officer, operations and execution
II
The numbers
The numbers

Thirty-nine million, twenty-four months.

$39.4MTotal uses of funds, core capital stack
75%Loan-to-cost. 75% debt, 25% owner equity
24 moAcquisition to opening
10 yrOperating hold, Year-10 exit by sale or recapitalization

Sources

Senior debt · 55%$21.7M
Junior debt A · 10%$3.9M
Junior debt B · 10%$3.9M
Owner equity · 25%$9.8M
Total sources$39.4M

Weighted average cost of debt 8.48% across the three tranches.

Uses

Property and land acquisition$10.0M
Event venue build-out$11.0M
Bungalow renovation and FF&E$9.45M
Catering prep kitchen$2.30M
Contingency$2.35M
Permits, architect, professional fees$0.40M
Signage, brand, website, pre-opening marketing$0.33M
Working capital reservebalance
Returns and run-rate

Two engines, one curve.

19.2%Total project IRR, 3.87x MOIC, blended across all four capital layers
31.8%Equity IRR, 9.24x MOIC, ten-year hold
42.5%Year 3 EBITDA margin, stabilized. 47.2% by Year 10
2.81xYear 10 total cash DSCR, from 0.81x in the ramp year

Revenue trajectory

Year 1, ramp$8.17M
Year 3, stabilized$14.74M
Year 5$16.16M
Year 10$20.38M

Imagine Miracle Mile, Year 3

Events per year174
Average revenue per event$57,522
Average attendees per event260
Estimated capacity4,600+
Parking, on site plus valet141 + 450

Hospitality Stays, Year 3

Blended ADR$1,332
Occupancy82.5%
Bungalow revenue$4.74M
Bungalow EBITDA margin61.6%
Room revenue from renters, hospital and extended stay, and events-linked guests3 streams

Jobs

Permanent positions by Year 350 to 70+
Construction jobs, build phase15 to 25
Incubator five-year multiplier, partner-reported350 to 700+

All figures sponsor-reported and unaudited, from the Imagine Develops investor overview dated September 3, 2026. Illustrative only. Actual results may differ materially and no assurance is given that any return will be achieved. Provided under NDA for discussion.

Who builds it

Design, build, operate.

Imagine Develops and Imagine General Contracting design, build and operate, woman- and minority-owned, every prior project adaptive reuse.

Heather LennonFounder and Chief Executive Officer

“After 28 years in development and construction, I’ve become very attuned to how people experience space, what draws them in, what makes them stay, and what creates a sense of connection. I understand how to shape environments that people respond to on a visceral level.”

Len TamboerChief Operating Officer

Thirty-five years running operations, from Deloitte to twenty-two years at Leslie's Poolmart, turning a founder's vision into a company that runs.

Local industry partners already at the table: MOR Architecture, Design Works Interiors, JL Coates Interior Design Studio, Stardust Building Supply, PuriFi Air, Shower Door Pros and C3 Glass, Nice Pest, VaVia, 1 Million Entrepreneurs, Cartel Roasting Co., Doughvine Bread, Blue Lion Pedicab, Navi Nurses, Liminal PR and Communications, State 48, Bundle X Joy, Emfluent, Raconteuse Cigars.

“Adaptive reuse is a catalyst for evolution — an invitation for others to join us.”Heather Lennon
Heather Lennon, Green Living, September 2026

“You save it by putting it back into use by the community and creating jobs with it.”

Heather Lennon
Imagine General Contracting & Development