Seftel: McGrath's REM in trouble

One of the most highly anticipated new restaurants of 2008 may not be opening after all.

REM, James Beard Award-winner Robert McGrath’s follow-up to Roaring Fork, is on the ropes. Blame the economy, which has forced two sets of investors to pull out of the project over the past few months. McGrath, who reports that he has sunk $1 million into the restaurant – it’s two-thirds built – will be making a decision on whether or not to pull the plug this weekend.

McGrath earned his James Beard award for his work at Roaring Fork, which he sold two years ago. Partnering with Aaron May (Sol y Sombra), he has another venture, the Ice House, in the works. The first branch will debut on Halloween in Old Town Scottsdale, in the former Pischke’s; the second will open in December on Market Street in DC Ranch.

Chef Robert McGrath.