Looking for a place to unwind on the weekends? Want to hold business meetings somewhere hip?

Jimmy Powell and his cousin, Baltimore Police Sgt. Rick Willard, may be opening the perfect place for you.

They will be opening their upscale restaurant, The Fed Coffee Lounge and Grill, hopefully sometime this month on Light Street in Federal Hill.

As part of their renovation of the former five-and-dime store they are replacing, Powell is updating the front of the store with a stucco front more in line with the historic flavor of the Baltimore neighborhood.

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“It needs to be done,” Powell said. “It looks better, more elegant. You’ll see it whether you want to or not.”

They did get lucky with other parts of the building, however.

“The guy who designed this building was the Ozzy Osbourne of architects,” Powell said. “It’s more like art work.”

However, Powell and Willard said it will take much renovation to get it perfect. They’ve already spent $200,000 on the venture so far.

“It was filled with garbage,” Powell said. “We gutted it wall to wall. We’re leaving the tin ceiling, but replacing the floors with tile, hardwood and carpet.”

Jimmy Powell discusses interior plans for The Fed.

The restaurant will feature a full kitchen, two bathrooms, six LCD televisions, a 10-foot bar and a VIP lounge. The Fed will comfortably fit 160 people. It is this ability to seat many people that Powell said people will enjoy.

“That’s the biggest thing,” Powell said. “People want to go somewhere to sit down and eat. A lot of places, you walk in and you’re packed like sardines.”

During the day, the VIP lounge will hold business meetings.

“It will be a different environment,” Powell said. “Instead of having a little meeting in your place, we’ll do steak and lobster if they want to do it.”

Powell said that, for the most part, the restaurant will have a relaxed atmosphere.

“It’s for people that want to come in and wind down,” Powell said. “People can talk to their friends while hearing them.”

It just another small-business undertaking that has come to Federal Hill in recent months. An Ace Hardware franchise, Federal Hill Hardware, opened last month just south of The Fed on Light Street.

According to Maryland’s Department of Business and Economic Development, there are 443,000 small businesses that employ 47 percent of all Maryland workers, making them a valuable part of the economy.