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Author Topic: New restuarant in Jenks  (Read 4765 times)
Stone
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« on: February 02, 2010, 11:19:29 am »

Jenks restaurant planned near aquarium, RiverWalk
Developers plan to break ground in March and open this fall.
 
Jim Blacketer and Garrett Mahaney plan to build a restaurant between the Oklahoma Aquarium and RiverWalk Crossing in Jenks. Stephen Pingry / Tulsa World

 
By SUSAN HYLTON World Staff Writer
Published: 1/31/2010  2:27 AM
Last Modified: 1/31/2010  4:56 AM

JENKS - Jim Blacketer has spent many hours looking south from the 96th Street Bridge and envisioning great business possibilities on the vacant riverside lot below.

"I held my breath hoping someone wouldn't buy that site," Blacketer said. "I knew it was a home run."

In a partnership with the emerging Village on Main development, plans are in place to break ground there in March on a 9,000-square-foot showplace restaurant that is set to open this fall.

Some of Blacketer's acquaintances expressed reservations about the isolated side of the bridge.

But Blacketer, who has enjoyed success with Los Cabos restaurants at RiverWalk Crossing on the north side of the bridge and in Broken Arrow, said the bridge offers great visibility for a restaurant.

"The bridge is an asset, it's not a liability," he said. "We've been in business long enough to know what will work."

Blacketer and the Village on Main developers are investing more than $5 million in the Waterfront Grille, an American grill concept with an extensive menu that will include fresh seafood, steaks and moderately priced hamburgers made from meat ground daily.

The menu also will have thickly stacked deli sandwiches on homemade bread, a variety of salads, prime rib, rotisserie chicken, specialty pastas and a major bar and wine selection.

Blacketer is planning a brunch menu with complimentary mimosas for Sundays.

"Jim's restaurant and success really speaks for itself," said Bob Eggleston of the Village on Main LLC. "A lot of people say they can do it, but Jim's done it consistently for years."

 Equally important will be the Southwestern-influenced ambiance of the restaurant. Blacketer said it will feature an exposed kitchen with exhibition cooking. The oval-shaped bar will overlook the river.

Ninety percent of the seating will be in mahogany and red leather booths. Designs call for a rounded teak ceiling with chandeliers.

Blacketer said the restaurant will be "upscale casual," so if you've come in sweaty from the trail you're just as welcome as the guy in his sports coat.

An extended patio featuring a fireplace will wrap around the heavily landscaped restaurant. Live entertainment is planned at night.

After dining, patrons can stroll along the river trail, shop, catch a movie or take the kids to the Oklahoma Aquarium, which attracts people from throughout the region.

"We're trying to make this a destination place," said Garrett Mahaney of the Village on Main.

Part of the plan also includes extending the river trail at RiverWalk Crossing under the bridge to the new restaurant to connect RiverWalk Crossing and Village on Main.

Blacketer said the investment in the project is significant.

"We believe in the Tulsa marketplace," he said. "We think that we've shown that if you build it, people will come."

"We don't really look at this as Jenks. It's south Tulsa," Blacketer said.

But the city of Jenks' role in the development is key. The Oklahoma Aquarium Foundation will give title to the land for the restaurant to the Village on Main, which will build the restaurant that will be operated by Blacketer and his sons, Jimmy and Jeb.

The city requires the Village on Main to build a "sales-tax generating" project, which is the restaurant, and construct public parking lots under the bridge and across the street from the restaurant and the Holiday Inn Express Hotel.

Blacketer said that Los Cabos generates about $1 million in sales taxes for the city of Jenks each year. The Waterfront Grille is expected to generate more.

Village on Main also is required to construct a major entry feature to the aquarium coming off Apache Street, which will become Aquarium Place.

As part of the plan, the Oklahoma Aquarium will receive a $1.7 million credit from the Jenks Public Works Authority — which is the estimated value of the restaurant land and parking areas — that the aquarium can use on shortfalls or debt service.

Jenks city attorney Stephen Oakley said that if six of the seven Jenks Aquarium Authority members approve, they could also use a portion of the credit for projects.

The scope of the three-phase Village on Main project has expanded to 700,000 square feet of space with the addition of the restaurant and new parking areas.

The Hillcrest clinic was the first phase and will open in July. The restaurant is the second phase, and Eggleston said they will be ready to announce some major tenants during coming months in the rest of the shopping, dining and entertainment attraction.

"We don't intend to stop (moving forward) with projects until we hand out the last set of keys," Eggleston said.


It's about time something was developed in that area.
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Conan71
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« Reply #1 on: February 02, 2010, 11:23:49 am »

$5mm for 9000 square feet, sheesh, that's some confidence.
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« Reply #2 on: February 02, 2010, 11:55:10 am »

Blacketer said that Los Cabos generates about $1 million in sales taxes for the city of Jenks each year. The Waterfront Grille is expected to generate more.

I guess that's where they get their confidence from.
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« Reply #3 on: February 02, 2010, 12:16:11 pm »

He should try paying his taxes.......
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« Reply #4 on: February 02, 2010, 12:27:46 pm »

Kinda concerned that he was chosen as the restaurateur last year and it has taken him a year to work out the particulars. That makes me think it will open in about a year and close 3 months after that.
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« Reply #5 on: February 02, 2010, 12:46:38 pm »

He should try paying his taxes.......

do tell....

Conan....good math. But, is this the true picture?

What bank is financing this deal?
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Conan71
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« Reply #6 on: February 02, 2010, 12:55:44 pm »

do tell....

Conan....good math. But, is this the true picture?

What bank is financing this deal?

That's what the man said in the newspaper article.  Big, big risk on that kind of rent factor, but if LC is doing $30mm a year, that might give the man reason to think he can sustain it and bring more critical mass to the area.  I'm coming up with $30mm revenue based on the City of Jenks getting $1mm a year in sales tax off LC- that being the city's share, not including county and state cuts.  That's a shitload of fajitas and margaritas.

Blue Dome and Brady- come on get busy!  Critical mass time!
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« Reply #7 on: February 02, 2010, 01:00:37 pm »

do tell....

Conan....good math. But, is this the true picture?

What bank is financing this deal?

Do you get Guffey's Journal......It's in there....I think on the back page.....
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FOTD
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« Reply #8 on: February 02, 2010, 01:08:40 pm »

Quit taking Guffey's after it sold 5 years ago....too much disinformation. The owners may have started to improve but what does FOTD know...

There is no way that LC does that much volume. No way.

That guy is probably adding up all the revenue from Riverbalk and thinking without LC nobody would survive.

What bank would finance this? It must be a bunch of venture capitalists tricked into believing this is a great location with tremendous restaurateurs.



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« Reply #9 on: February 02, 2010, 01:18:45 pm »

Quit taking Guffey's after it sold 5 years ago....too much disinformation. The owners may have started to improve but what does FOTD know...

There is no way that LC does that much volume. No way.

That guy is probably adding up all the revenue from Riverbalk and thinking without LC nobody would survive.

What bank would finance this? It must be a bunch of venture capitalists tricked into believing this is a great location with tremendous restaurateurs.





This was in the public notices section....So I don't think it was dis-information.....
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Conan71
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« Reply #10 on: February 02, 2010, 01:36:54 pm »


There is no way that LC does that much volume. No way.


Agreed
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« Reply #11 on: February 02, 2010, 05:55:53 pm »

here is the list of the top 100 independent restaurants in dollar volumn according to Restaurant and Instutitions magazine.  I don't see LC on there anywhere.

Quote
No.     Restaurant     Location     '08 Sales     Avg. dinner check     Meals served     Seats     Square footage     Web
1    TAO LAS VEGAS RESTAURANT & NIGHTCLUB    Las Vegas    $68,406,696    $72    785,000    500    62,000    taolasvegas.com
2    TAVERN ON THE GREEN    New York City    $34,221,691    $66    476,899    1500    27,000    tavernonthegreen.com
3    JOE’S STONE CRAB    Miami Beach    $28,827,328    $65    320,000    480    N/A    joesstonecrab.com
4    SMITH & WOLLENSKY    New York City (Third Avenue)    $28,595,000    $88    387,000    420    N/A    smithandwollensky.com
5    TAO ASIAN BISTRO    New York City    $24,433,601    $74    385,000    335    10,500    taorestaurant.com
6    OLD EBBITT GRILL    Washington, D.C.    $23,330,827    $24    800,000    505    18,000    ebbitt.com
7    BUDDAKAN    New York City    $21,602,008    $78    237,898    384    16,290    buddakannyc.com
8    GIBSONS BAR STEAKHOUSE    Chicago    $20,753,314    $63    335,899    230    8,725    gibsonssteakhouse.com
9    JOE’S SEAFOOD, PRIME STEAK & STONE CRAB    Chicago    $20,500,000**    $68.00**    410,000**    335    N/A    joes.net
10    JOE’S SEAFOOD, PRIME STEAK & STONE CRAB    Las Vegas    $20,300,000**    $68.00**    400,000**    384    N/A    joes.net
11    FULTON’S CRAB HOUSE    Lake Buena Vista, Fla.    $20,140,933    $45    421,519    510    28,844    fultonscrabhouse.com
12    MIX    Las Vegas    $19,500,000**    $90.00**    190,000**    250    N/A    mandalaybay.com
13    SW STEAKHOUSE    Las Vegas    $19,500,000**    $100.00**    170,000**    284    N/A    wynnlasvegas.com
14    SPARKS STEAK HOUSE    New York City    $19,400,000**    $83.00**    270,000**    700    N/A    sparkssteakhouse.com
15    BOB CHINN’S CRAB HOUSE    Wheeling, Ill.    $19,242,677    $35    652,991    750    19,960    bobchinns.com
16    PRIME ONE TWELVE    Miami Beach    $18,900,000**    $105.00**    155,000**    138    N/A    prime112.com
17    RUMJUNGLE    Las Vegas    $17,900,000**    $65.00**    300,000**    433    20,000    mandalaybay.com
18    PRIME STEAKHOUSE    Las Vegas    $17,877,624    $138    129,548    176    6,325    jean-georges.com
19    DEVITO SOUTH BEACH    Miami Beach    $17,800,000**    $136.00**    140,000**    250    N/A    devitosouthbeach.com
20    ‘21’ CLUB    New York City    $17,324,066    $144    138,790    150    N/A    21club.com
21    BLUE FIN    New York City    $17,300,000**    $62.00**    330,000**    400    6,325    brguestrestaurants.com
22    THE FOUR SEASONS    New York City    $17,250,000    $144    103,000    270    17,000    fourseasonsrestaurant.com
23    BLUE WATER GRILL    New York City    $17,000,000***    $63.00**    295,000**    400    N/A    brguestrestaurants.com
24    MON AMI GABI    Las Vegas    $16,650,000**    $60.00**    350,000**    450    N/A    monamigabi.com
25    WOLFGANG PUCK GRAND CAFE    Lake Buena Vista, Fla.    $15,768,960    $23    618,686    480    18,355    levyrestaurants.com
26    ROCK CENTER CAFÉ    New York City    $15,701,400    $40    335,708    215    N/A    patinagroup.com
27    THE SLANTED DOOR    San Francisco    $15,495,332    $44    340,000    174    N/A    slanteddoor.com
28    ABE & LOUIE’S    Boston    $15,268,412    $75    204,221    182    10,300    abeandlouies.com
29    TOP OF THE WORLD    Las Vegas    $15,248,037    $87    184,468    476    7,200    topoftheworldlv.com
30    SCOMA’S RESTAURANT    San Francisco    $15,229,280    $40    381,000    375    15,354    scomas.com
31    GIBSONS BAR STEAKHOUSE    Rosemont, Ill.    $15,201,119    $59    250,470    260    10,500    gibsonssteakhouse.com
32    SKYCITY AT THE NEEDLE    Seattle    $15,116,739    $54    277,448    270    N/A    spaceneedle.com
33    DELMONICO STEAKHOUSE    Las Vegas    $15,100,000**    $80.00**    190,000**    380    N/A    emerils.com
34    BALTHAZAR    New York City    $15,000,000**    $60.00**    250,000**    205    N/A    balthazarny.com
35    JUNIOR’S    New York City (Brooklyn)    $14,800,000**    $23.00**    780,000**    420    N/A    juniorscheesecake.com
36    HUGO’S FROG BAR & FISH HOUSE    Chicago    $14,647,815    $57    245,169    270    14,050    hugosfrogbar.com
37    VENUS DE MILO RESTAURANT    Swansea, Mass.    $14,550,774    $30    500,000    350    71,000    venusdemilo.com
38    SPICE MARKET    New York City    $14,513,093    $63    232,000**    335    15,000    spicemarketnewyork.com
39    THE MANOR    West Orange, N.J.    $14,500,000**    $70.00**    219,000**    1200    N/A    themanorrestaurant.com
40    THE LOBSTER HOUSE    Cape May, N.J.    $14,448,359    $33    321,699    524    49,445    thelobsterhouse.com
41    COFFEE SHOP    New York City    $14,391,360    $25    400,000    270    6,500    N/A
42    CHINA GRILL    Las Vegas    $14,300,000**    $45.00**    255,000**    303    N/A    chinagrillmgmt.com
43    GLADSTONE’S MALIBU    Los Angeles    $14,100,000**    $25.00**    575,000**    720    N/A    gladstones.com
44    CRAFTSTEAK    Las Vegas    $14,000,000**    $80.00**    125,000**    320    N/A    craftrestaurant.com
45    DEL POSTO    New York City    $14,000,000    $125    112,000**    175    13,000    delposto.com
46    CHOPS LOBSTER BAR    Atlanta    $13,500,000**    $77.00**    174,000**    341    N/A    chopslobsterbar.com
47    THE MILLERIDGE INN    Jericho, N.Y.    $13,478,242    $41    330,000    1080    42,000    milleridge.com
48    ZEHNDER’S OF FRANKENMUTH    Frankenmuth, Mich.    $13,390,685    $14    966,835    1100    80,000    zehnders.com
49    THE ANGUS BARN    Raleigh, N.C.    $13,164,205    $56    235,159    700    35,000    angusbarn.com
50    GRAND CENTRAL OYSTER BAR & RESTAURANT    New York City    $13,100,000**    $48.00**    379,000**    334    N/A    oysterbarny.com
51    CARMINE’S    Atlantic City    $13,000,000**    $38.00**    298,000**    480    N/A    carminesnyc.com
52    PHILLIPS HARBORPLACE    Baltimore    $12,997,316    $30    434,547    920    18,000    phillipsseafood.com
53    MORIMOTO    New York City    $12,926,891    $95    115,021    199    N/A    morimotonyc.com
54    ST. ELMO STEAK HOUSE    Indianapolis    $12,900,000**    $71.00**    175,000**    360    N/A    stelmos.com
55    CAFÉ FIORELLO    New York City    $12,899,710    $38    329,430    193    4,500    thefiremangroup.com
56    SHAW’S CRAB HOUSE    Chicago    $12,800,000**    $46.00**    370,000**    380    N/A    shawscrabhouse.com
57    BOULEVARD    San Francisco    $12,697,753    $80    156,950    164    N/A    boulevardrestaurant.com
58    JUNIOR’S (TIMES SQUARE)    New York City    $12,600,000**    $15.50**    770,000**    218    N/A    juniorscheesecake.com
59    DANIEL    New York City    12,600,000**    $118.00**    105,000**    N/A    N/A    danielnyc.com
60    GEORGE’S AT THE COVE    La Jolla, Calif.    $12,500,000**    $80.00**    270,000**    250    10,000    georgesatthecove.com
61    FRANKENMUTH BAVARIAN INN    Frankenmuth, Mich.    $12,493,054    $15    839,973    1200    90,000    bavarianinn.com
62    MICHAEL JORDAN’S STEAK HOUSE    Uncasville, Conn.    $12,400,000**    $72.00**    204,000**    240    N/A    michaeljordanssteakhouse.com
63    FIX RESTAURANT & BAR    Las Vegas    $12,300,000**    $78.00**    211,000**    171    4,200    lightgroup.com
64    PORTLAND CITY GRILL    Portland, Ore.    $12,283,136    $60    354,094    377    18,300    portlandcitygrill.com
65    TRATTORIA DELL’ARTE    New York City    $12,236,383    $52    225,316    294    7,000    trattoriadellarte.com
66    MESA GRILL    Las Vegas    $12,200,000**    $64.00**    215,000**    228    8,800    mesagrill.com
67    HARRY CARAY’S ITALIAN STEAKHOUSE    Chicago    $12,115,000    $45    480,000    333    20,000    harrycarays.com
68    CARMINE’S (44TH STREET)    New York City    $12,100,000**    $37.00**    500,000**    340    N/A    carminesnyc.com
69    STRIPSTEAK    Las Vegas    $12,100,000**    $110.00**    149,000**    230    N/A    mandalaybay.com
70    BARTOLOTTA RISTORANTE DI MARE    Las Vegas    $12,000,000**    $80.00**    200,000**    226    N/A    wynnlasvegas.com
71    MIKE’S AMERICAN    Springfield, Va.    $11,942,896    $27    450,000    360    44,049    greatamericanrestaurants.com
72    LAWRY’S THE PRIME RIB    Beverly Hills, Calif.    $11,900,000**    $48.00**    250,000**    500    20,000    lawrysonline.com
73    RUBY FOO’S  (TIMES SQUARE)    New York City    $11,900,000**    $51.00**    190,000**    320    7,000    brguestrestaurants.com
74    HARRIS RANCH RESTAURANT    Coalinga, Calif.    $11,867,700    $32    476,323    480    304,500    harrisranch.com
75    ASIA DE CUBA    New York City    $11,800,000**    $66.00**    197,000**    170    N/A    chinagrillmgmt.com
76    GOTHAM BAR & GRILL    New York City    $11,800,000**    $ 95.00**    153,000**    175    5,000    gothambarandgrill.com
77    III FORKS    Dallas    $11,800,000**    $80.00**    143,000**    1000    N/A    iiiforks.com
78    BRYANT PARK GRILL    New York City    $11,800,000**    $48.00**    252,000**    180    25,000    arkrestaurants.com
79    REDEYE GRILL    New York City    $11,743,366    $53    197,619    245    8,000    thefiremangroup.com
80    MONTGOMERY INN AT THE BOATHOUSE    Cincinnati    $11,600,000**    $28.00**    505,000**    720    N/A    montgomeryinn.com
81    QUALITY MEATS    New York City    $11,537,000    $93    124,000    138    25,000    fourthwallrestaurants.com
82    RM SEAFOOD    Las Vegas    $11,500,000**    $73.00**    180,000**    335    16,000    mandalaybay.com
83    CLIFF HOUSE    San Francisco    $11,500,000**    $50.00**    326,000**    244    25,000    cliffhouse.com
84    EMERIL’S    Orlando    $11,400,000**    $58.00**    281,000**    275    N/A    emerils.com
85    N9NE STEAKHOUSE    Las Vegas    $11,400,000**    95.00**    168,000**    200    N/A    n9negroup.com
86    SALTY’S ON ALKI BEACH    Seattle    $11,349,359    $48    217,475    341    22,070    saltys.com
87    AUREOLE    Las Vegas    $11,300,000**    95.00**    106,000**    450    N/A    mandalaybay.com
88    CHINA GRILL    New York City    $11,300,000**    $67.00**    210,000**    185    N/A    chinagrillmgmt.com
89    MEGU (THOMAS STREET)    New York City    $11,300,000**    $94.00**    84,000**    205    N/A    megunyc.com
90    ZEFFIRINO    Las Vegas    $11,300,000**    67.00**    164,000**    330    10,900    zeffirinolasvegas.com
91    AQUAKNOX    Las Vegas    $11,235,877    $94    119,000    260    N/A    aquaknox.net
92    EIFFEL TOWER    Las Vegas    $11,200,000**    $79.00**    184,000**    230    N/A    eiffeltowerrestaurant.com
93    OKADA    Las Vegas    $11,200,000**    $75.00**    150,000**    207    N/A    wynnlasvegas.com
94    MIKE DITKA’S RESTAURANT    Chicago    $11,150,444    $84    171,472    197    13,000    mikeditkaschicago.com
95    HARLEY DAVIDSON CAFÉ    Las Vegas    $11,100,000**    $31.00**    434,000**    400    20,000    harley-davidsoncafe.com
96    SPAGO    Las Vegas    $11,100,000**    $52.00**    347,000**    300    N/A    wolfgangpuck.com
97    CALIFORNIA GRILL    Lake Buena Vista, Fla.    $11,100,000**    $51.00**    221,000**    282    5,842    disneyworld.disney.go.com
98    MONTGOMERY INN    Cincinnati    11,100,000**    $27.00**    491,000**    820    N/A    montgomeryinn.com
99    MALONEY & PORCELLI    New York City    $11,080,000    $86    135,000    200    N/A    fourthwallrestaurants.com
100    DANIEL BOULUD BRASSERIE    Las Vegas    $11,000,000**    $72.00**    180,000**    304    N/A    danielnyc.com


** R&I estimate
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« Reply #12 on: February 02, 2010, 06:53:26 pm »

$5mm for 9000 square feet, sheesh, that's some confidence.
Knowing the area, I would think the parking expense, trail extension and such to be easily 20% of that.
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rdj
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« Reply #13 on: February 07, 2010, 07:51:30 pm »

There is a lot of infrastructure expense that will go into this project beyond just building the restaurant.  Also, $1.7mm of it is going to the Aquarium.  The Aquarium owns the land.
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heironymouspasparagus
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« Reply #14 on: February 07, 2010, 07:56:53 pm »

The Riverwalk area is starting to look a lot like OKC Bricktown.

Half empty.

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