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June 29, 2016

Owner: Expansion on menu for Terrace Café, two new deals signed

Original Article: Charlotte Business Journal

Author: Jennifer Thomas, Staff Writer Charlotte Business Journal


 

Two new locations of the Terrace Café are in the works. And founder and CEO Stewart Penick says he has further has expansion in his sights.

The first of those new establishments is set to open in Greenville, S.C., this November. Plans call for a 1920s building to be transformed into a 6,200-square-foot restaurant.

A second 5,000-square-foot location in the Kingsley development in Fort Mill is expected to open in June 2017.

Adam Williams, partner at Legacy Real Estate Advisors, represented Terrace at both locations. Cortney Carter represented the landlord in the Greenville deal. Kerri Robusto and Jennifer Stanton repped the landlord at Kingsley.

Penick says this round of expansion has been in the works for about 18 months.

“We feel we’ve got a pretty unique little concept,” Penick says.

He envisions up to three new restaurants a year opening over the next several years across the Carolinas. Penick isn’t willing to offer a total number.

“I’ve got a goal to do quite a few more,” he says. “I basically will go where the next great deal is.”

Opening locations of Terrace have become a priority as he makes the transition from a career in agricultural chemical exports.

The first Terrace Location opened in Charlotte’s SouthPark area 2009, with a second added in Ballantyne about 4.5 years ago. Penick initially saw the restaurant as a hobby.

He says it was a chance to get a return on his money, help a family member achieve his own restaurant dreams and just prove he could succeed in the industry.

“I like the challenge,” Penick says.

These days, Terrace has carved out its own niche with what Penick describes as good old Southern-type food with a twist.

That means shrimp and grits get taken up a notch with chorizo instead of andouille sausage. They also get fried okra and Korean barbecue sauce.

Fried green tomatoes are served with warm pimento cheese, and the red velvet waffles are topped with a cream cheese drizzle.

Locations are known for brunch, but they also open for lunch and dinner with burgers, sandwiches and entrées such as chicken and waffles on the menu.

“I just got tired of not having somewhere to go where I could get a top-notch brunch every day of the week,” Penick says.

Jennifer Thomas covers retail, health care and education for the Charlotte Business Journal