The Channel Mark Restaurant at 19001 San Carlos Blvd. in Fort Myers Beach closed its doors for business Tuesday.

Business owner Tim Gilbert, who has run the restaurant and Key West-style patio bar called Tim’s Place for almost six years, said the reason for the closing involved money issues and mistrust. Property owner Mike McGuigan apparently broke the lease he had with Gilbert.

According to Gilbert, McGuigan already has a new tenant for the waterfront commercial building.

“I understand where he is coming from, but I thought we had an agreement that he couldn’t do that,” said Gilbert about the broken lease. “Unfortunately, that’s how you learn to not trust people.”

Gilbert expects to bounce back from this unfortunate experience.

“I’m down but I’m not out,” he said. “There will be another Tim’s Place.”

McGuigan, who could not be reached when the story first broke, gave his side of the story. He called the closing a tenant eviction for not paying rent and hopes there is no bad blood between the two business associates.

“I really liked him as a tenant,” said McGuigan. “Unfortunately, Tim has a lot of problems right now. He’s in the real estate and mortgage businesses. That’s the hardest hit industry right now. But, I have to do what I have to do. I have to put someone in there who can pay the rent.”

The new business owners will be the current owners of Luna Rossa at the Miramar Outlets in Estero. The new owners are already remodeling the former Channel Mark Restaurant and plan on serving their Italian-themed cuisine with seafood dishes as well, according to McGuigan.

“I’m pretty particular about who goes in there,” said McGuigan. “I’ve eaten at Luna Rossa many times and have not had a bad meal. They do a heck of a lot of sales (in the Miramar Outlets). For such a bad economy, they are doing really well.”

McGuigan believes the new owners will be hiring most of the Channel Mark’s staff back.

“Other than a few key employees that they will be bringing in from their other restaurant, they anticipate hiring most of the staff back,” he said. “At least six employees used to work for me over six years ago. I personally recommended the re-hiring of those people I knew to the new owners. There are applications available today at the restaurant and they’ll be interviewing and going through the process.”