Waterfront price tag: $1.2 million
11:02 AM, May. 19, 2011


The Enquirer/Carrie Cochran
Towboats push Jeff Ruby's Waterfront restaurant to a temporary dock at the Covington Landing Sunday afternoon, March 13, 2011. The restaurant was damaged two nights earlier when it broke away from some of its moorings with nearly 100 people on board and drifted against the Clay Wade Bailey Bridge.

Written by
Scott Wartman

COVINGTON — The infrastructure needed to re-open the Waterfront restaurant at the former Covington Landing site would cost about $1.2 million, according to preliminary estimates from engineers.

Unless investors come forward to buy shares in the restaurant and fund the cost of the improvements, the restaurant likely won’t re-open, said Waterfront owner Jeff Ruby.

“It is still more money than we have,” Ruby said. “I’m not going to borrow from my other restaurants to subsidize the Waterfront.”

The Waterfront has been moored to the Covington Landing site since it partially broke loose of its moorings in March with 84 patrons on board. No one was hurt, but the landmark restaurant has been closed since as the city of Covington and Ruby decide whether to re-open.

The city and Ruby have started negotiating about whether to move forward, and if so, how to split the costs, said Covington City Manager Larry Klein.

“I think we’re all committed to trying to make this work anyway we can,” Klein said. “These are tough times with the budget, but we’re very willing to work with Mr. Ruby and his team.”

Most of the costs, about $800,000, would be infrastructure so people can access the restaurant, such as the gangway and other measures to secure the barge, Klein said.

If it opens, the Waterfront would have to be moves slightly to the west due to the lower elevation that would allow for first floor access to the two story floating restaurant. That would require additional paving and driveways that would cost about $350,000, Klein said.

The plans also include $75,000 for a debris deflector to be put on the front of the restaurant.

“There’s a lot of infrastructure that goes into supporting a floating riverfront restaurant,” Klein said.

Ruby said he will seek investors who want to put money up to fund the improvements and be part owners in the restaurant. One way Ruby said he will encourage investors would be an arrangement where someone could put in $20,000 and get a $25,000 line of credit to any of his restaurants. He said that’s how he financed the remodeling of the Waterfront.

“If you get 20-40 guys like that, you got yourself $600,000,” Ruby said. “Now, they have a seat whether the restaurant is full or not. Every employee knows who they are. As far as the staff, they treat them as owners. They get the best tables, best parking spots. They get the best selection of steak and lobsters.”

If investors don’t step forward, the Waterfront structure would likely be sold and transported elsewhere for use as a riverboat casino or entertainment venue, Ruby said.

The re-opening of the Waterfront is important to Covington’s economy, Klein said. The city envisions more restaurants on the river, he said.

“It is a known successful business,” Klein said of the Waterfront. “The business is not a brand new business opening its doors trying to create clientele. It is well known I the region, almost an icon of the Kentucky riverfront. It is helpful to have it in that location with the hotels and convention center. It is near established parking. We certainly envision more riverfront development. This is an opportune time to make it happen.”

Ruby said he doesn’t want to close the restaurant, but the cost of operating on the river is significant. He has said all of his other restaurants combined cost one-third of what it costs to insure the Waterfront. Some of the Waterfront’s 100 employees have found work at other Jeff Ruby restaurants. He continues to pay the wages of salaried employees at the Waterfront, he said, as well as their hospitalization.

“They are family, my employees,” Ruby said. “they mean a lot to me. They are the reason I’m successful.”

The outpouring of support for the restaurant has surprised Ruby.

“I underestimated how much this meant to the community,” Ruby said. “When I’m in Louisville at my other restaurant, everyone is talking about it. I was in Lexington yesterday and people are asking me about it…The governor of Kentucky is talking about it. The mayor of Lexington is talking to me about it. I didn’t realize how popular it was.”

http://nky.cincinnati.com/article/AB/201...eakingnews

I love the Waterfront restaurant. I'd hate to see it go.