Editor’s note: This article was published in Grand Traverse Scene magazine’s Fall 2026 issue. Pick up a free copy at area hotels, visitors centers, chambers of commerce or at the Record-Eagle building at 1764 Forest Ridge Drive in Traverse City. Click here to read GT Scene in its entirety online.
What is your background in the restaurant industry?
Dean Sparks: There was absolutely zero when I started Sparky’s BBQ. I was a backyard chef, self-taught, self-trained. I surround myself with people that are more experienced and educated than I am in the culinary world.
James Stevenson: My mom gave me an option to go to school or get a job at 15. I went and got a job at a local pizza joint, started washing dishes, and then it just bloomed from there. After that, I started traveling every six months, everywhere from New York State to Washington State, working seasonal positions at resorts.
How did Pretty Penny Steakhouse come to be, and how does it fit into the local food scene?
Dean Sparks: When my wife and I moved here back in 2013, we immediately saw a vacancy in the chophouse/steakhouse market. I entered into the food business of Spark’s BBQ, and that ran its course. In 2024, after we bought the building, I decided I wanted to do something new and something different. The notion of a high-end steakhouse in town that offered the things that I wanted came to mind, and we gave it a shot.
What was the vision for Pretty Penny Steakhouse?
Dean Sparks: For me, grilling barbeque and steaks feels like a natural progression, so it was a pretty similar progression to develop from Sparks BBQ into a higher caliber, higher-end restaurant that I felt the town not only needed but would embrace.
What dishes best represent your style?
Dean Sparks: We both feel that it’s the 44-ounce porterhouse for two that we serve. It’s beautifully presented and sliced. We serve it with some classic sauces available. Beyond that, the other classic that we’re really proud of is the 24-ounce tomahawk steak.
James Stevenson: The vault seasoning that Dean has specially made for our steaks is a huge part of the experience. It is a proprietary blend that is the perfect accompaniment for our steaks to bring them to the next level.
What’s the story behind the name “Pretty Penny?”
Dean Sparks: When the new concept idea of a steakhouse came out, I wanted the name to give homage to the architecture and the nature of the building. We settled on the Pretty Penny because it’s something you cherish and something that is nice to look at. Also, the phrase, “It cost a pretty penny,” lets patrons know we’ve evolved into the higher end.
What has been the most rewarding and challenging part of running the restaurant?
Dean Sparks: From the owner’s perspective, the most challenging has been that leap from a casual dining experience to a more polished service, coupled with meeting the guests’ expectations of doing such. The most rewarding thing has been watching it happen.
James Stevenson: I would say the challenge is meeting guest expectations, and because I’m still new to the area, learning what people like as far as food. The most rewarding thing is seeing the staff grow and come together as a family, and then seeing the guest satisfaction.
What do you hope people feel when they visit Pretty Penny Steakhouse?
Dean Sparks: A luxurious, casual, welcoming environment along with a satisfaction of, “Wow! You know, that was the best steak I’ve ever had.” And we hear, we hear it almost every day from customers.
James Stevenson: We hope they feel comfortable, not stuffy. We want people to come in, enjoy their time, and feel at ease.
What sets your steaks apart?
Dean Sparks: One of the biggest things is the process and the men that are cooking it. We choose to use purveyors that give us the highest quality, so we’re dealing with Wagyu grade and prime grade. Any and everything we can make in-house, we do, and I think the guests are picking up on that because it doesn’t taste like anything they’ve ever had before
What is coming up next for The Pretty Penny Steakhouse?
Dean Sparks: We’re looking at a second phase of The Pretty Penny, which is going to be a private dining room called the Penny Room, with a separate menu, in the vault of the old bank. I’m envisioning it to be a celebratory room where people can have the privacy and have the opulence of extreme luxury here in Traverse City.