A $1.8 million restaurant overlooking the Port St. Lucie Riverwalk Boardwalk could go under construction next year and open in October 2021.
The 5,000-square-foot-plus waterfront restaurant is a key component in the 10-acre “showcase park” the city is developing on Westmoreland Boulevard near Port St. Lucie Botanical Gardens.
A consultant recently gave a glowing review to Manatee Island Bar & Grill’s development and business plans for a two-floor restaurant and Tiki bar with seating for 150.
Paul Gonnella and Michael Politano already operate two Manatee Island restaurants employing a total of 100 workers in Fort Pierce and Port Salerno.
“They present a strong management team,” said Chris Morhardt, a consultant the city hired the review Manatee Island’s business plans, told the City Council on Nov. 18. “The construction budget and the timeline all look very realistic.”
“Because of their experience in their other two restaurants, they have the staff available to operate a third location,” Morhardt said. “There is also an ability based on the historical financials and the other operating entities that they should be bankable as well.”
City Manager Russ Blackburn is negotiating a long-term agreement with Manatee Island to lease, develop and operate the restaurant on a .7-acre site near the famous Banyan Tree.
Manatee Island expects to break even within two years, its business plan says. It will borrow about 70 percent of the construction costs and pay the rest in cash.
“We intend to aggressively pay down debt in order to clear funds for rent increases in years to come,” Gonnella and Politano said.
Manatee Island’s proposal calls for no rent for the restaurant’s first three years. Rent would be tied to revenue, with Manatee Island paying 4 percent of revenues above $1 million in the fourth year with slight annual increases until the 10th year.
Manatee Island has hired an architect to design the restaurant and is considering Bayview Construction of Port Salerno as general contractor, the business plan says.
Manatee Island’s target customers are boaters and residents in St. Lucie, Martin, Okeechobee, Indian River and Palm Beach counties, the plan says.
An earlier proposal by another team of waterfront restaurant operators in Fort Pierce fell by the wayside in March because of the development costs.
The Riverwalk Boardwalk extension plans call for a floating dock near the restaurant site. The boardwalk will also connect to Bridge Plaza, which features a variety of restaurants and stores.
In addition, the city is developing a river-themed playground and a historic village and museum in the park at 2454 SE Westmoreland Blvd.
The council is to discuss the plans for two historic buildings, the Peacock house, built in 1917, and the Peacock hunting lodge, built in 1952, at its Nov. 25 meeting.
The St. Lucie County Historical Society proposes operating a museum and library in the 67-year-old lodge, featuring historic artifacts, memorabilia, educational kiosks, offices and community space.
The Historical Society also proposes using the 102-year-old house as “a static display, outfitted with amenities and furnishings of the era for the purposes of education and to serve as a monument to the history of the city,” city records show.