$100 minimum investment
Revenue Sharing Notes ?
|Minimum Target||$50,000 ?|
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Coterie brings a sophisticated, thoroughly modern lounge destination for fans of artisan coffee, wine, and eats to gather in one of Houston’s hottest neighborhoods.
Located in the 40-floor Market Square Tower, Coterie is the new full service venture from the internationally acclaimed barista and roaster behind Southside Espresso, Sean Marshall. Building on Sean’s existing expertise in both craft coffee and exceptional service, Coterie boasts full-service food menus spanning breakfast, lunch and dinner, as well as an outstanding craft beverages program encompassing juices, beers, spirits and wine — the latter courtesy of Sean’s business partner in this venture, Charles Lusk.
Sean at a coffee farm in Guatemala in 2014.
While Sean was traveling the world gaining his coffee clout, Charles was a lead banker at Goldman Sachs before entering the healthcare world and founding multiple successful ventures. The Houston 40 Under 40 entrepreneur brings his expertise to Coterie as an experienced business strategist, financier and marketer, but also as a wine connoisseur. In his adventures around the country and meeting with clients, Charles developed an appreciation for wine, its makers, and its stories. His passion led him to pursue and receive his certification as a Level 1 Sommelier, adding upon the team's expertise.
The stories of the makers and the quality of the artisan beverages available will be the central pillars of Coterie.
Charles on tours of wineries in Burgundy, France and the Pacific Northwest.
Noticing the burgeoning revitalization of Houston’s downtown district, the pair secured a ground floor retail space in one of the area’s most coveted properties, Market Square Tower. When it opened in 2017, the luxury residential building - central to the historic Market Square area – was widely credited for setting a new bar in downtown Houston multifamily development. Market Square Tower also received national attention last year for its impressive rooftop pool which extends over the building’s edge, giving swimmers the impression of floating in air.
Market Square Tower video
Forty floors below the glass bottomed pool, Coterie has opened as the building’s only dining establishment, and will be the first stop for residents seeking a post-work reprieve, grab and go lunch, or morning joe. Coterie serves brunch on weekends, and prepared meals can be purchased for takeout. Free valet parking makes the restaurant equally accessible to non-residents, whether looking for a quick morning pit stop or a leisurely experience as an entry point to the area’s plentiful nightlife.
After running a wildly successful specialty coffee shop in the fiercely competitive Houston neighborhood of Montrose, Sean is transfering much of his learnings and following from his time there, including the highest quality products from growers and producers with whom he has long-standing relationships. Southside Espresso, Sean’s cult-favorite coffee shop, has four-and-a-half star reviews and higher on Yelp, Facebook, and Google.
During one of Coterie’s soft openings, November 2018
Due to Sean’s local notoriety and Market Square Tower’s popularity, Coterie’s opening has been heavily covered by local media. The team immediately received coverage from the Houston Business Journal, Houston Culturemap, and Paper City Mag, among many other publications. Coterie’s home, Market Square Tower, is also known nationwide after a video of its glass bottom pool, which cantilevers out over the edge of the roof, went viral in April 2017 after its feature on Travel + Leisure.
Market Square Tower has become a draw because of its excellent facilities.
Coterie’s interior is designed entirely by Eataly’s shopfitters Costa Group, only their second project in Houston following the success of Common Bond cafe. It features a private tasting corner at the bar for intimate coffee cupping and wine sipping sessions with the owners; a glass-encased, temperature controlled walk-in wine room which will double as a visual menu; and of course, a modern and versatile European design sensibility unique to the Italian company.
The concept of an all-day cafe is nothing new — but the craftsmanship, intention and execution Coterie is bringing will be at a new level.
Click here to view the Issuer's SEC Form C filing.
The total anticipated project cost for Coterie is $400,000. The owners have committed $150,000 in equity to date and have secured a $315,000 loan.
Proceeds from the NextSeed raise will primarily go towards additional furniture, fixtures and higher grade inventory, continued buildout costs of the one-of-a-kind, European-designed interior and the customization of the walk-in wine room — an immersive space essential to the establishment.
Funds raised above the $50,000 minimum will be put towards working capital and enhance the initial inventory options of wine, coffee and other sippable options for the project.
After the first full calendar month of operations after a successful Closing, the Issuer will share a percentage of each month’s gross revenue with the investors as a group until they are paid in full.
Each investor will receive its proportionate share of the monthly payments made to the investors as a group.
The issuer will make a $5,700 payment ($150,000 x 3.8% = $5,700) to investors. Since you invested with 2% of the total amount raised ($2,000 / $100,000 = 2.0%), you would receive a $114.00 payment in Month X.
* The calculations above are mathematical illustration only and may not reflect actual performance. They do not take into account NextSeed fees of 1% on each payment made to investors. The exact length of time that it will take the Issuer to pay each investor in full cannot be known in advance since the Issuer's actual revenues may differ from its reasonable forecasts. If any balance remains outstanding on the maturity date, the Issuer is contractually required to promptly pay the entire outstanding balance due to each investor. Payment is not guaranteed or insured and investors may lose some or all of the principal invested if the Issuer cannot make its payments.
Sean and Charles came from entirely different business worlds before opening Coterie but were introduced by a mutual friend when Charles was seeking an investment opportunity in the food and beverage industry. They quickly bonded over their mutual respect for the other’s abilities: while Sean possessed the passion and knowhow for quality products and service, Charles brought a savvy mind for business and a track record of successful investments across the country.
From his experience in the high-pressure worlds of healthcare and investment banking in New York City, Charles has the practical knowledge necessary to run a business, as well as experience in handling marketing, financials and strategy. The partnerships he’s developed with law and banking firms’ travel teams provide an innovative way to bring new and consistent high value corporate customers through the doors.
Charles (left) and Sean (right) at one of Coterie’s soft openings
Far from stealing the show, the immaculately designed interior by Costa Group will accentuate Coterie's high-quality products being served and stories being shared. Coterie joins the new wave of owner-operated concepts appearing in downtown Houston as the city’s population increasingly participates in a more urban Houston experience.
Coterie’s primary function as a bar means the potential for profits on high markup items like alcohol, coffee and juice is significant. A seasonally rotating and tightly curated list of offerings across the board will keep the experience of visiting Coterie fresh and ever-evolving, and the outstanding service team’s unparalleled knowledge will ensure there’s something new for every customer no matter the regularity of their visits.
Momofuku group founder David Chang said it best -- there’s nowhere more exciting to eat right now than Houston, Texas. The city is undergoing a culinary renaissance thanks to a diverse group of chefs and an adventurous eating population. In the past 5 years, the city has gone from having 5 James Beard award nominees in 2014 to 12 of them in 2018.
Nowhere is that revitalization being more acutely felt than in downtown. The historically neglected Theatre District is now home to two brand new food halls, bars, and innovative eateries that are opening in response to an increasingly urban population desiring a downtown experience on par with cities like Los Angeles and Austin.
As the only restaurant and bar located in the Market Square Tower, Coterie is the primary port of call to satiate any of the building’s 400+ residents’ cravings for an early morning coffee, a weekend brunch, an afternoon artisanal sandwich or an evening drink. Furthermore, Coterie’s entrance is next door to the building’s main entrance, meaning its target market will be passing by every single day.
The restaurant and bar is also offering prepared meals for customers to take home, meaning building residents can easily purchase dinner regardless of whether they want to dine in or out. Free parking spots — a luxury in downtown — makes takeout options for non-residents a breeze too, whether it be a commuter popping in for coffee, or someone wanting an artisanal pizza for their party. Valet parking also makes Coterie an easily accessible spot for everyone in the car-heavy Houston.
The Market Square neighborhood is already a known destination for Houstonians, and its pedestrian friendly layout and access to public transit make it a popular destination for residents and visitors to the city. In addition to theaters, the Houston Ballet, and major sporting arenas, the area is also close to Buffalo Bayou Park — another draw for those seeking an urban environment with easily accessible green space.
Market Square Tower has become a draw because of its excellent facilities
Sean began working with coffee in 2002, and eight years later, he’d purchased a roaster and won the Ultimate Barista Challenge at the Shanghai International Food Festival. When he wasn’t traveling the globe cupping coffee or overseeing operations for Red Tree Trading Company, the coffee brokerage he helped found, Sean ran Houston’s wildly popular Southside Espresso. He brings his wealth of coffee knowledge to Coterie and oversees all service and experiential aspects of the bar and restaurant.
A seasoned entrepreneur and alumnus of Goldman Sachs in New York City, Charles has founded multiple ventures in the healthcare and investment banking spaces. Over the course of his business traveling, he developed a deep appreciation for wine. He received his WSET Level 1 Sommelier Certification in September 2018, and he brings his refined palate and business acumen to this new food and beverage enterprise. A 16-year Houston resident and 40 Under 40 most influential business leaders awardee, Charles is actively involved with his church and numerous philanthropic boards throughout the city.
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