One developer, Bandera Ventures of Dallas, already has broken ground for franchisee Feste Capital of Austin on a one-acre Whataburger site on Phillips Highway at J. Turner Butler Boulevard with a scheduled completion in March. The site was purchased from Butler Pointe Plaza Ltd. Bandera plans to build 17 other locations in the Tampa/St. Pete, Jacksonville and Orlando markets at an estimated aggregate development cost of $34 million.
Bandera has invested $36 million, or an average $2 million, each for 18 Whataburger locations planned in the franchisee's first development phase. At an average 3,150 sf per store, the planned development totals 56,700 sf. Bandera plans a total 28 Whataburgers to be built in phases.
Bandera Ventures is headed by three former Dallas-based Trammell Crow Co. executives--Chuck Anderson, Pryor Blackwell and Tom Leiser. Among Feste Capital principals are Jacksonville Jaguar quarterback Mark Brunell and Greg Feste, who is sponsoring the venture. Feste is the founder and owner of the Austin Wranglers Arena Football League. Bandera was founded in summer 2003.
Mike Dozier, representing Bandera, tells GlobeSt.com, the company isn't afraid of stiff competition from existing fast-food operations. "Whataburger is not fast food," Dozier says. "It is a quick-service restaurant with every hamburger prepared to order."
The 600-store company has annual average per-store sales of about $1.2 million, Dozier says.
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