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Chef Brian Malarkey Bets on Portland With 27th Restaurant, Eyes $10M in First-Year Sales
ReChef Brian Malarkey Bets on Portland With 27th Restaurant, Eyes $10M in First-Year Sales
Brian Malarkey, a two-time Top Chef finalist, has opened his 27th restaurant in his hometown of Portland, Oregon, and projects more than $10 million in sales in its first year.
Brian Malarkey, the celebrity chef and two-time Top Chef finalist, has opened his 27th restaurant in Portland, Oregon, placing one of his biggest career bets on the city where he was born. The 10,000-square-foot wood-fired steak and seafood restaurant, called The Malarkey, opened in late July in the Pearl District and is on track to exceed $10 million in sales in its first year.
Malarkey and his brother did not simply sign a lease for the space. They bought the building outright, a decision that reflects both the scale of the investment and their confidence in the market. On opening night, the restaurant served more than 450 guests, and the same the following evening. The team turned people away both nights, and Malarkey said the pace has not slowed since.
«I've opened restaurants all over the country, and I have never opened one this busy from day one,» Malarkey said. The performance runs counter to a persistent narrative that Portland is a difficult place to invest. During recent debate over funding for the Trail Blazers' arena, the city was described by some as a tough market. Malarkey acknowledged the risk but said his due diligence pointed to a recovery already underway.
When he first began looking at Portland a few years ago, he found the fundamentals of a strong city but empty streets, vacant storefronts, and high-rises full of residents with too few people walking around. He concluded that Portland was further along in its recovery than its reputation suggested, and that the gap between perception and reality represented an opportunity. «I could have opened The Malarkey anywhere,» he said. «But I chose Portland because I did the due diligence and expect to turn a profit.»
Malarkey pointed to several indicators supporting his bet. Crime has dropped significantly in recent years and continues to fall, while residents' positive impression of downtown surged 19 points over two years. He also noted that the lights are on in the city's high-rises at night, and every one of those windows represents a potential customer. His restaurant in Bend, a city of roughly 100,000 people, generates about $8.5 million a year. Portland's metro area has 2.5 million residents, which he saw as a clear opportunity to draw people out and bring them together.
Other investors appear to share his view. Chef Michael Mina, who operates more than 30 restaurants globally, is opening his only Pacific Northwest location at Portland's Heathman Hotel this fall. Jeff Swickard, a University of Oregon graduate, bought Big Pink, Portland's most iconic office tower, in an all-cash deal, then bought the building next door. This month, he moved to take a majority stake in a third downtown tower. «This investment…it's about reaffirming our belief in Portland and what this city can become again,» Swickard said.
Sports have also played a role in the city's momentum. RAJ Sports brought the WNBA back to Portland, and before the Portland Fire had played a single game, CNBC valued the team at $380 million, roughly triple what was paid for it in 2024. The Fire saw the largest debut crowd in league history. In March, the Trail Blazers were sold for $4 billion, and state and local lawmakers recently agreed on hundreds of millions in funding for a $600 million renovation of the team's home court. Malarkey said the vote to move forward with funding shows a community that wants to do business.
He also pushed back against judging Portland in isolation. The last few years have been brutal for businesses everywhere, he said, citing the pandemic hangover, tariffs, inflation, and cautious consumers. No city has been spared, and he argued that treating Portland as if it struggled alone is selective storytelling.
Malarkey's family has been in Oregon since the 1880s. He was born in Portland and raised in Bend, and as a child, coming into Portland felt like visiting the biggest city in the world. He later traveled, cooked, and built restaurants across the country, succeeding and failing along the way. Now he stands in a restaurant with his name on the door. «Portland has heart,» he said. «It has creativity, weirdness, grit and an enormous amount of pride.»
He acknowledged the risk but framed it as a calculated bet. «Was it a risk? Of course. That's what makes it a bet. I just think it's a good one, and the reservation book agrees with me so far.» For now, the reservation book is full, and Malarkey is betting that Portland's comeback is just beginning.
