The Straight’s Matthew Burrows reported today that just five years into its 20-year lease with the park board, Watermark Restaurant will cease operations at Kitsilano Beach. Peter Barnett, who oversaw the Watermark’s much heralded opening in July 2005, told the Straight that it is time to move on. At month’s end, Watermark leaseholder Barnett Family Holdings Inc. is set to hand over operations to Boathouse Restaurants of Canada.
At its meeting on Monday, April 19th, the Vancouver park board will vote on transferring the lease.
According to the article, 71-year-old Barnett said the decision to call it a day was based on health issues.
“I had a heart attack four years ago,” he said. “It put me on a difficult track. I lost my ability to speak for six months, and I was in rehabilitation for two and a half years. So, my son [David] took over the business, and he basically was in the restaurant industry, and he had a number of operations around the country. And it just put a great strain on him. I am still not functioning fully.”
Park Board Communications Coordinator Barb Floden says the terms of the lease will be the same for the Boathouse, assuming the board approves the transfer. The company will pay 6.5 percent of gross revenues to the park board, minus $800,000 – plus any financing costs – over 10 years.
The Boathouse currently has 6 locations in the Lower Mainland – English Bay, Horseshoe Bay, White Rock, Richmond, New Westminster, and Port Moody.
So Kitsilano.ca readers – are you excited about the Boathouse stepping in and taking over OR would you rather see Cactus Club take over this beachfront location as well?
