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Dining & Spirits
A Changing Landscape in Florida Restaurants
 Chops Lobster Bar, a bright spot |
Market developments have shifted the restaurant landscape in Florida considerably. For beginners, Golden Spoon Hall of Famer Norman’s of Coral Gables has closed; Miami Beach’s Pacific Time, for nearly 15 years the trailblazer of Southeast Asia cuisine under the direction of visionary chef Jonathan Eismann, shuttered its doors; and to the north, Pete Boinis closed Pete’s Restaurant of Boca Raton, for 20 years a showcase of dramatic food presentation and special decoration, and sold the property. Pete’s Restaurant was the capstone of Boinis’ 50-year career with 21 restaurants all up and down the East Coast, from Fort Lauderdale to Ocean City, Md.
Expansion-minded Johnny Vinczencz lasted only a short time at South Beach’s
Astor Hotel. He had to retreat to his Fort Lauderdale anchor, Johnny V. Restaurant Brana, the Black Orchid Café, Mosaico, Afterglo and Zucca also had to shut down.
The chains were similarly humbled. Jupiter-based R.J. Gator’s, founded and headed for 21 years by Tim Timoteo, had more than a dozen franchises when it filed for Chapter 11 bankruptcy protection in June.
With its unique mascot — a beer-touting gator — the ultimate in tropical casual restaurants was harder hit than others. Applebee’s closed a couple dozen underperforming locations and in July decided to sell out to the
International House of Pancakes. Tampa-based Shells Seafood (OTCBB-SHLL) has watched its stock plummet from a high near $15 a decade ago to around 15 cents while shares of Brinker International (NYSE-EAT), owner of Romano’s Macaroni Grill and Chili’s chains, are off 20%. The giant Darden Restaurants (NYSE-DRI) shut down 56 Smokey Bones and is planning to sell the remaining 73.
On the positive side, high-flying Atlanta-based Buckhead Life Restaurant Group has purchased $2 million worth of property in Boca, where earlier this year the chain opened the sensational Chops Lobster Bar. CEO Pano Karatassos announced that Buckhead intends to invest another $3 million to $4 million transforming the site into a fish market restaurant, planning for an opening next March.
And Darden, hoping to offset its Smokey Bones debacle [“The Next Winning Recipe,” page 70], has committed $1.4 billion for 29 upscale Capital Grilles and 287 LongHorn Steakhouses — two giant steps for the Red Lobster/Olive Garden parent, covering both ends of the steak market.
