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PORTERS
ISSUER
Thank you for your questions, Mike and Marc. PORTERS will be adjacent to The George Hotel. There will be ample parking available for PORTERS patrons. The Century Square project will include over 1,200 parking spaces to be shared among the commercial ...
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Mike
Is Poter's inside The George or next to it? The picture makes it look like it is inside but the description makes it sound freestanding.
Marc
One concern I am interested in is what are the current projected parking conditions? The map does not seem to show many parking options in the area and I know as busy as University can be that this could become a deterrent.
Alan
@Marc if you look at this page: http://www.century-square.com/contact/#parking-map (you might have to scroll up -- page acts a bit funky when I try to go directly there), at the right you'll see a building labeled with a # 7 on it -- I believe that i ...
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Alan
Oops, and it isn't just the building on the far right -- looks like there is at least roof-top parking as part of a building way over on the left.
Alan
Noticed the new update -- looks like construction is proceeding nicely. The site looks good from the road too when driving by -- really looking forward to this.
Alan
Thank you for the clarification on the restrooms, @Issuer. That sounds like it will work fine, even for "old school" types. I'm looking forward to the opening -- really not too much longer now!
Roberto
Acknowledging that your final layout/design is not yet confirmed, am curious as to why you show a single unisex restroom as opposed to separate restrooms?
Alan
That's a good catch, Roberto. College Station is far from the best place for a restaurant to try to be that, um, progressive. @Issuer needs to make sure they truly understand the local political climate.
Karyn
I am reasonably confident that what you are seeing is (i) an effecient use of space to place sinks that are surrounded by (ii) independent, single-person rooms with toilets in them (so, one person at a time uses them (irrespective of their sex) - as ...
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Alan
I think you're right, Karyn, and I also think that Porters needs to seriously consider reconfiguring this. I believe a good number of their potential patrons -- older, well-to-do, couples living in the extremely conservative (even by Texas standards ...
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PORTERS
ISSUER
All, thanks for the interest! We will have separate restrooms for women and men, and the sinks will be a shared common area.
Joshua
This is still a terrible idea.
Robert
I assume all your steaks will be prime. - Bob
PORTERS
ISSUER
Thanks for the interest, Bob. Steaks offered will include a mix of Prime and Top Choice steaks with additional chef cuts such as Hanger Steak, Flat Iron, Skirt Steak and potentially a few roast cuts.
Alan
The menu looks great. I love that there are some interesting choices, particularly for this area -- rabbit, redfish tartar (instead of the usual tuna tartar), elk chop (yum!). If the final menu comes out anything close to this one, you're going to ...
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Alan
Doh, if only I could edit to add an 'e' to 'tartar_e_'.
Mike
Thanks for the menu. Love it. Question. I visited the Century Square website and Porter's is not listed under dining. Any reason?
PORTERS
ISSUER
Thank you for the question, Mike. PORTERS has been added to the Century Square website. Please check it out here: http://www.century-square.com/directory/porters/
Tyler
I agree that some overview of the menu would be beneficial. Specifically, to drive lunch business is there an express lunch or lower priced items to gain foot traffic? For the dinner menu is their going to be moderately priced dinner/wine options to ...
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Alan
Investing seems to have slowed down a bit. It might be beneficial for @Issuer to post some updates, such as pictures of build-out underway, some preliminary menu items, some pictures of test-cooking the chef is doing in preparation for the menu, etc ...
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PORTERS
ISSUER
Thanks for the interest, Alan and Tyler. We've added a very preliminary draft of our menu to the Updates section (subject to change). Additional details and updates surrounding the project will be coming soon.
Mike
I love the concept. My only issue is that the food cost projections look low. Most prime steakhouse restaurants run 35% food cost and up. Your forecast shows less than 30%. Can you confirm?
PORTERS
ISSUER
Your observation is correct, Mike. Our food cost is projected to be less than that of a typical steakhouse as PORTERS will not be a typical steakhouse. We have carefully crafted the PORTERS concept to offer a variety of dishes you typically will not ...
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Robert
Great location, wonderful design and a great need in our area. Many of us moving to the College Station/Texas A&M area from locations such as Houston, Austin. Dallas and San Antonio miss not having a restaurant of this caliber available to entertain ...
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PORTERS
ISSUER
Thanks, Bob! We look forward to having you at the restaurant.
Alan
@Andrew Google Earth is out of date. If you could visit this area in person, you'd see that University Drive (the main street separating the Century Square complex from the university) is undergoing a huge revitalization of multi-use developments di ...
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Andrew
$75 seems a bit steep for a campus location. The upscale steak houses in my immediate area (Morton's/Ruth's Chris) are tied to the King of Prussia mega-mall and nearby business centers, not to any campus. Also, I took a Google Earth "drive" around ...
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PORTERS
ISSUER
Thanks for your questions, Andrew. While PORTERS will be adjacent to the Texas A&M University campus - and we will welcome all students/faculty - we do not expect the University to be the main source of restaurant patrons. We believe the mixed-use en ...
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Najibeh
Has Porters broken ground yet? Is July 2017 still a realistic opening date?
PORTERS
ISSUER
Hi, Naji. The restaurant space is currently a “shell space” ready to be built out. We anticipate the build out of the space to commence in the next week. We are still on track for construction to be completed in late July, with the grand opening of P ...
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Tyler
Per the document provided. Year 1 Revenue @ $3.5MM. Year 2 ~ $3.7MM, Year 3 ~ $3.8MM, Year 4 ~ $3.9MM. However, it does not provide if the revenue is from dine-in or hotel services. Which you would figure would be included given operational service ...
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PORTERS
ISSUER
Great question, Tyler. PORTERS’ revenue forecasts only include revenue from dine-in patrons and from the booking of the private event space within the restaurant. Additional revenue opportunities are not accounted for in this forecast, but they are n ...
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Alan
@Jeffrey the average price per meal is listed under the overview (way down): https://www.nextseed.com/offerings/porters/#overview -- look for "average ticket price" on the page and you'll see the say it is anticipated to be $25 for lunch and $75 for ...
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Jeffrey
Thanks, I must've skipped over it in the disclosure
Tyler
Are the revenue projections based off of the restaurant [dine-in only] or the ancillary revenue generated servicing the two hotels? I may have missed it but does the note have call provisions?
Jeffrey
Question for Porters; What will be the average price per meal?
Adrian
Accepting equity investments?
PORTERS
ISSUER
Thanks for the interest, Adrian. We are not seeking equity investments at this time and are solely seeking debt financing through this offering.
Alan
Question for Porters: can you provide contact information so I can inquire about your wine/whiskey lockers? I didn't contribute at the $25k level which comes with a locker, but I am interested in getting on your list to sign up for a locker when the ...
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PORTERS
ISSUER
Thanks, Alan! We will be sure to email you when the lockers become available.
James
I agree Patrick. I think it's a good opportunity to participate in at some level. But would like a slightly higher multiple for this.
Alan
If the food is good, this restaurant will succeed in Aggieland. There is a dearth of decent restaurants here. The higher-end places like Christopher's, Veritas, Republic, etc. are all packed on weekends and do a decent business during the week. Fo ...
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Patrick
It is a fair answer. But the fact is, I believe this is the lowest return we have been offered so far. Too low for the risk involved. And even though the principals appear to be fairly substantial, don't kid yourself. New restaurant ventures are amon ...
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James
Great answer. Thanks.
Brian
With a backing the size you have I feel you would have been able to secure a loan to cover this cost at a much lower rate. Why do you desire to obtain funding through next seed?
James
This is a reasonable question. As for size Regulation A offerings can go to $1,000,000 per 12 month period and this return rate doesn't seem all that high, compared with previous offerings of similar size.
PORTERS
ISSUER
Thank you for your interest! We are focused on creating enduring investments and remarkable places that enrich people’s lives - having the support of the community is important to us. With the opening of PORTERS and the Century Square project as a wh ...
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