The Philly-based restaurateurs behind the Tavern on the Green reboot have run into money problems, the Post reports. The city is spending $10 million on the revamp of the storied restaurant in Central Park, and restaurateurs Jim Caiola and David Salama of the Emerald Green group are also pumping about $10 million into the work on the space. But their rep tells the Post: "Their backer is not coming up with as much [cash] as they expected, so they are looking for extra funds."
Emerald Green is reportedly backed by Capital Spring, a company that offers "creative capital" for restaurants and businesses, but the Post hears that the restaurateurs have been reaching out to other people to get some extra cash to finish the job. Once the restaurant is up and running, Emerald Green will pay the city about $1 million or six percent of the first year's revenue, then $1 million or 15 percent of the revenue for each year after that. The city will give Emerald Green the keys to the space in July, and the Emerald Green restaurateurs hope to reopen the space with chef Katy Sparks in the fall. Emerald Green operates Beau Monde, a Philly creperie that failed to impress Steve Cuozzo last fall.
· Tavern on the Green Re-opening in Jeopardy [NYP]
· All Coverage of Tavern on the Green [~ENY~]