An Oak Bay, B.C., institution is closing its doors after more than three decades in operation.

On Monday, the Marina Restaurant announced it was closing on March 5.

The restaurant says inflation contributed to its closure.

“Unfortunately, just like many others, we are not immune to the economic challenges arising from inflation, therefore we are not able to operate any longer,” said the eatery in a social media post.

“Our community, current and past, have made this restaurant legendary,” the eatery added.

“We have seen our staff and our guests grow up at the Marina Restaurant. Watching your children eat their first sushi roll, celebrate milestones, and every occasion in between has been such a pleasure and we thank you for including us in your joyous memories.”

The restaurant also thanked its staff for its work over the past three decades.

The business’ sister café, the Marina Dockside Eatery, will remain open at the same location.

FUTURE REDEVELOPMENT

Both businesses are operated by the Oak Bay Marine Group.

The group has a long-term lease of the property from the District of Oak Bay, which the municipality has considered renovating for years.

In early 2021, the municipality said it had narrowed down plans to renovate the property to two proposals, which would include renovating existing buildings, constructing new buildings and updating the property’s green space.

The Oak Bay Marine Group’s lease of the property was initially set to expire at the end of 2022, but in the summer of that year the municipality decided to extend the group’s lease until the end of 2027 in order to further consider the redevelopment proposals.

At the time, the district said that once a plan had been finalized, the new lease for the property would be in effect for another 30 years.