June.

The new Green Shutters Building, next to the Hog Penny restaurant on Burnaby Street, is being turned into an American bistro-type diner along the lines of the TGIFriday chain in the US.

There will be a public bar on the ground floor and a restaurant on three split levels, with office space on the upper two floors of the 10,000-square-foot building, which is owned by Gosling's.

A mahogany and glass elevator will operate in a glass atrium running up the building.

Gosling's has awarded the lease to a newly formed company called Shutters Ltd., which is owned by Mr. John Roach, his wife Pamela, and Mr. Tony Duggan.

Mr. and Mrs. Roach also own the Bombay Bicycle Club, Chopsticks and Rosa's Cantina restaurants while Mr. Duggan partly owns The Oasis nightclub and Precision Engineering and Technical Co.

Precision Engineering has been awarded the contract to fit out the interior of the building.

Mr. Duggan said yesterday: "The concept is American bistro, with a real fun atmosphere and lots of life. There will be an extensive menu of excellent food at reasonable prices. This is a new modern thrust aimed at both locals and tourists.

"We believe in the economy of the Island and that's why we decided to go ahead with our plans. We think we've timed it quite well in that we wouldn't want to be starting a project of this nature at the end of the season and then have to wait several months for things to pick up.

"We should be in a position to capitalise on most of the summer months even though we will miss the start of the season.'' Increased competition in the restaurant business could lead to some business closures, added Mr. Duggan.

"There's no doubt in my mind it's an extremely competitive business with high overheads,'' he said.

"In my view, the restaurants that will survive are the ones which have been established for some time, have paid off their capital costs and have reasonable rents. They need to have a reputation for good food.'' Mr. Duggan said the focus on the new business would be very much on food, rather than on a pub. The general manager of the restaurant will be Mr. Roach.