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Lewes, Delaware
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April 25, 1997     Cape Gazette
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April 25, 1997
 

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CAPE ZETYE, Friday, April 25- May 1, 1997- 43 BUSINESS & REAL ESTATE Great American Diner to dish up "gourmet faves" By Jen ElUngsworth Offering a menu "designed to take the diner into the 21st centu- ry," The Great American Diner will have its grand opening on Thursday, May 1, at 32B Wilm- ington Avenue in Rehoboth Beach. Decked out in red, white and blue, and complete with swiveling bar stools and shiny red leather booths, the establishment is an updated nod to the nostalgia of the diner decade. Located below the Brighton Suites at the former location of the Deli Man, The Great American Diner is the result of the endeavors of brothers Dennis and Donald Santingini. "We're taking the diner to a new level," said co-owner Dennis Santingini, who also owns the Sea Witch Manor on Lake Avenue in Rehoboth Beach. The brothers were also owners of the former Breakfast Shack and Grill. He said. they have taken great pains to make sure the decor is both eye-catching and reminiscent of a traditional diner. "We wanted it [the decor] to have a modern flair," continued Dennis Santingini. "We've com- pletely remodeled with new lights, new booths and a ont counter." He added that the establishment also plans to apply for a liquor license. Donald Santingini echoed the sentiments of his brother, and saj'd he thinksthe intent of the new din- er is simple. "We want to offer traditional diner food with a gourmet flair at . reasonable prices,": he said. As for cuisine, the diner has a varied menu. The Santingini brothers both have extensive expe- rience in the restaurant field, and will take turns as chef in the din- Continued on page 45 Jen EIIIngsworth photo Getting set for the opening of The Great American Diner, which will welcome its first cus- tomers on Thursday, May 1, are (l-r) Dennis Santingini, Nancy Derrickson, Kim Alford and Donald SantinginL Pete and Cindy Townsend, owners of The Roadhouse Steak Joint in Rehoboth Beach and Wilmington and Roadsters in Lewes, have purchased the Fratel- li Italian Ristorante location in the Midway Shopping Center. The Townsends bought the location from Fratelli chef and owner John Cardillo two weeks ago. Roadhouse corporate repre- sentative Lisa Courtney said Tues- day that the site will re-o'pen at the end of June as .The Pasta Bowl, an Italian restaurant. She said the new, family-oriented restaurant will showcase traditional, Old World-style fare. Courtney said the location is currently undergo- the inside dining area and bar will accomodate approximately 75 people. She said the decor will feature earthy tiles on the floor and a bar area off to the side of the dining section. The circular bar area will be accented by neon "lights in the ceiling, said Court- ney. "What we're going for is a more traditional, Old World-style menu with a Milanese look inside," she said, adding that the establishment will serve lunch and dinner. Fratelli was opened in 1995 by Cardillo, who said he decided to sell the establishment to focus his attention on his Hockessin restaurant, I1 Giardino. Noted for its selection of center II steaks, known as Country Dan's Selections, The Roadhouse Steak Joint in the Midway Shopping Center opened in May of 1993. A subsequent Roadhouse Steak Joint was debuted in Wilmington in August of 1995. Roadsters, a restaurant specializing in gourmet pizza and a wood-f'u! rotisserie, opened its doors on Savannah Road in Lewes this past January. Courtney said the Pasta Bowl menu will consist of both tradi- tional and signature dishes. "We're going to look at our own creations," said Courtney. The Pasta Bowl will specialize in homemade pastas, as well as an extensive appetizer list. CD rates: the long and the short of it When it comes to investing in certificates of deposit, some investors tend to be shortsighted. In an effort to minimize risk, they invest in short-term CDs and sim- ply roll their money into other CDs as their investments mature. This seemingly sound invest- ment strategy unfortunately often exposes investors to another risk - being forced to invest your money at a lower rate of interesL This shortsightedness can have negative effects on the long-term performance of your CD invest- ment. For instance, consider the fol- lowing two investors: Investor A invested $50,000 in a one-year CD in 1992. When his CD matured he simply reinvested another $50,000 into another one- year CD. He did the same the next three years. Investor B divided $50,000 equally among five CDs, a one- year CD, a two-year CD, a three- year CD, a four-year CD and a five-year CD in 1992. When each CD matured, he invested $10,000 in a five-year CD. FINANCIAL FOCUS Investor A's rate of return (all 1.year CDs) 1992: 3.30% 1993: 3.40% 1994: 5.05% 1995: 5.40% 1996: 5.55% Over the five years the CDs were held, Investor B earned $1,545 more in interest than Investor A. In addition, Investor B enjoyed a much steadier income stream. The difference of income between his best and worst years was $705. For Investor A, the difference was $2,125. Of course, past performance is no guarantee of future results, but in most situations, Investor B's investment strategy will produce a Investor B's initial rate of return 1992: 1-yr. CD: 3.30% 2-yr. CD: 4.00% 3-yr. CD: 4.60% 4-yr. CD: 4.75% 5-yr. CD: 5.35% more attractive return than Investor A's. This investment strategy is called laddering maturities. By owning a portfolio of CDs that mature in successive years, you'll maximize return and minimize interest-rate risk. If interest rates rise, you'll have a CD maturing within a year to reinvest at higher rates. On the other hand, if interest rates decline, other CDs will still be locked in at the higher rate of interest, protecting part of your Investor B's rate of return when reinvesting 1993: 5.20% 1994: 6.35% 1995: 5,90% 1996: 6.25% income. Laddering doesn't completely eliminate the risk of interest-rate fluctuations, but it does allow you to earn dependable income over several years and still have money available when you need it. In the long run, you'll minimize risk without sacrificing return. Anthony Egeln is an investment representative with Edward Jones in Lewes. Edward Jones has been serving the individual investor since 1871. Pete and Cindy Townsend have purchased the FratelIi Ital- ian Ristorante location in the Midway Shopping Center. The couple plans to open a new Italian restaurant, The Pasta Bowl, at the location sometime in June. Townsends acquire Fratelli's at Midway; plan to open Pasta.Bowl By Jen Ellingsworth ing an extensive renovation, and cut top grade USDA Choice Anthony Egeln