Editorial: Changing tastes led to Esplanade in Palm Beach's move to eschew restaurant space
The definition of insanity is doing the same thing over and over again and expecting different results.
As the list of failed restaurants, some of which did not even open, on the second floor of The Esplanade grew longer and longer, it became apparent that continuing to try to put an eatery there was a recipe for disaster.
Negotiations are now underway to rent the 5,000-square-foot Suite 234 at the plaza, 150 Worth Ave., not to a restaurant but to an architectural firm and financial-services company.
Unfortunately, the success of Café L'Europe, 15 years, and Trevini, 10 years, has never been replicated. We’ve seen Hai House, Costa, Cha's Latin Fresh Kitchen & Tequila Bar and Gigi’s Tap & Table come and go. Theo's Palm Beach and Cojimar were planned but never even opened their doors.
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It was high time to change gears and discard the same-old, same-old philosophy. This shift is yet another example of the changing demographics in town, spurred by the influx of new residents brought here by the pandemic.
“Demand has shifted, with new residents and businesses looking for quality office space that’s near where they live and has parking,” said William O’Connor, CEO of O’Connor Capital Partners, which owns The Esplanade.
The move comes in the wake of recent news that hedge-fund mogul Ken Griffin is planning to open a satellite office of his Citadel financial empire on the upper floor of the former Neiman Marcus building on Worth Avenue. And, in another shift in a former retail space, a multimillion condo is being built on the top floor of the Avenue's Tiffany Building.
With the closing of Neiman Marcus (felled by the pandemic like many other retailers) and the unprecedented growth in town, it is apparent that the famous shopping street needs to evolve. There isn't much retail in the 100 block other than the stores on the ground floor of The Esplanade, so converting to offices won't have a negative effect on nearby businesses.
At a recent Architectural Commission meeting, representatives of the neighboring Colony hotel objected to plans for eight windows in the new offices, saying the design conflicts with the area’s “aesthetic” and that “sight lines” to the hotel’s pool and dining area present privacy concerns.
But those concerns will undoubtedly be worked out, putting the final nail in the coffin to the restaurant carousel on the center's second floor.
The switch to office space at The Esplanade should prove to be a recipe for success.
This article originally appeared on Palm Beach Daily News: Editorial: Palm Beach's Esplanade makes smart move in adding office space
