Betting on a Pretty Penny

The Pretty Penny Steakhouse is the newest restaurant iteration at 201 Front St.

Dean Sparks had an idea for a restaurant. A couple of them actually, starting with the eponymous Sparks BBQ. It debuted first as a food truck, then moved into the cozy space at 439 E. Front Street (now home to Chubby Unicorn). He then found a larger space at 201 E. Front, where he debuted the nightclub Encore 201, while Sparks BBQ morphed into Enclave 201 in 2025, which emphasized pub fare and classic American dishes alongside some Sparks BBQ favorites.

Now he’s banking on another traditional concept, one which he feels is currently underserved. Welcome to the Pretty Penny Steakhouse, which opened in February 2026 for Traverse City Restaurant Week.

From Architecture to Steak

Why abandon his previous idea—err, ideas? “My prior passion was grilling steaks over a live fire,” Sparks says.

Prior maybe, but not his first passion. That would be architecture. “It was a lifelong dream, since 7th grade,” Sparks says. He earned his degree and eventually opened his own architectural firm in the Detroit area. Things were going well until the Great Recession. The housing and construction industries collapsed, and with no one building, his work dried up.

Enter passion No. 2. Sparks started using the grill in the back yard in earnest, finding some quiet time while discovering he really enjoyed cooking over a fire. By 2014 he had moved to Traverse City and opened a food truck, and two years later, Sparks BBQ landed its brick-and-mortar site.

While the Great Recession led him to the restaurant business, the COVID-19 pandemic almost forced him out. After surviving the shutdowns, business returned, but he decided it was time to re-evaluate. The result: “Summers were good; winter was lackluster.”

That led to his next venture. “My first re-brand attempt was Enclave 201,” he says. He saw the 2025 opening as a positive step toward year-round stability. The menu included some Sparks BBQ favorites, alongside requested items such as burgers and fries. He had been unable to offer those due to equipment limitations, such as the lack of a kitchen hood. Upon purchasing the building, he was able to rectify that situation.

Yet as the new year approached, Sparks observed that familiar slowdown in business. Moreover, he discovered that working in what he calls middle-income prices with a menu featuring burgers, comfort food, and a couple entrees wasn’t the draw he thought it would be. “To my chagrin, [people] gravitated toward entrees. Number one was steaks.”

He decided it was, in his words, “time to change gears.” Again.

This time he decided to dive into his true love, and go upscale as well. Goodbye hamburger, hello Wagyu sirloin, filet mignon, prime ribeye, plus “steak enhancements” such as grilled shrimp, scallops, blue cheese butter, and horseradish cream.

Inside Out

While he had the concept and location, he needed to come up with a name, something that preferably tied in with the building’s history as First National Bank. The first inspiration was Capone’s. “You could eat in the vault,” he mused. Taking it a step further, he considered The Butcher’s Vault.

While both did indeed tie in with the building’s former purpose, he thought it through and ultimately decided to go with something somewhat less intimidating. “The Pretty Penny ties in with the bank concept. It’s not so masculine as The Butcher’s Vault,” Sparks says.

The last day for Enclave 201 was New Year’s Eve 2025. In the new year, Sparks immediately began refurbishing the premises for its next life, which dovetailed into his previous passion of architecture.

In keeping with the concept’s forebears, such as Ruth’s Chris Steakhouse or Mastro's, Sparks wanted the atmosphere to reflect the ambience of a high-end steakhouse and cocktail lounge. He opted for warm copper tones, dark woods and low, warm lighting, with long bars, tall stools, and leather sectionals alongside dining tables.

He’s quick to praise the team at the restaurant for its immediate success, from those on the planning side to managers, servers, and chefs. “I can’t do it by myself,” he says. Sparks believes if the staff do a great job, serve great food and take care of the guests, then customers will return. “We want you to come back,” he adds.

Sparks says that return business is the key to making it on a year-round basis. While Traverse City boasts a reputation as a culinary haven, he knows a successful restaurant has to attract people year-round, not just summer visitors. “There’s the summer/winter dichotomy. You’ve got to make locals want to come with so many options. To me, it’s all about the local traffic.”

From the Kitchen

Will locals be put off by the higher prices of a steakhouse? If early returns are an indication, Sparks doesn’t believe that will be a problem, as long as the restaurant delivers.

And while the prices might indeed be a pretty penny in the traditional concept of the phrase—the prime ribeye comes in at $68, prime New York strip at $59, and the porterhouse for two is $145—they’re in line with market prices at such inspirations as Ruth’s Chris Steakhouse or Morton’s The Steakhouse.

As for the rest of the menu, starters keep things classic, with two options for oysters (chilled or Rockefeller), calamari, and shrimp ceviche, among others. More seafood awaits for the mains, with salmon, scallops, and whitefish. To accompany the entrees and aforementioned steaks, family-style sides range from Brussels sprouts and Parmesan fries to mashed potatoes and risotto.

Though it is a steakhouse, vegetarians will find some tasty options, like the burrata and Whipped Feta Dip in the appetizer section to Caesar salad and an Asian Chopped Salad with napa and red cabbage, carrot, scallion, water chestnuts, peas, cashews, broccolini, and crispy wontons. There’s even an alfredo on the entrees section that could be made without shrimp.

To round out the menu, choose from craft cocktails, a list of wines at various price points, and other go-to beverages.

Find The Pretty Penny Steakhouse at 201 E. Front St. in Traverse City. (231) 642-5032; theprettypennysteakhouse.com

View On Our Website