Owners of Pasquale's Restaurant in Royal Oak are planning to close the restaurant after 65 years in business and market the prime Woodward Avenue property for possible redevelopment.

The DelGiudice family, which has owned the iconic pasta and pizza eatery since it opened in 1954, has not yet set a closing date, said Ryan Cohn, managing broker at RBC1 LLC — the real estate firm marketing the property.

"My brothers and I grew up here; it's always been family-run and we'll miss feeding the community," co-owner Michael DelGiudice said in the release. "We've been slowing down naturally for the last few years, and after discussing this internally we believe the timing is right."

Cohn said the restaurant at 31555 Woodward Ave. will remain open until the family makes a deal on the property. Owners wish to keep a stake in it and are seeking leasehold deal partners who want the property as is or for redevelopment.

A deal would likely take the form of a ground lease, Cohn said. He declined to give an asking price for the property, as it depends on how the deal takes shape.

Cohn said the family is open to selling the entire business, including the name, and would have it continue operating as a restaurant "in an ideal world." However, he said, the site is prime for larger development and "economics will lead more than legacy."

Cohn said the family has been approached several times by those interested in the property, but he declined to say who.

The 1.19-acre property includes the 7,587-square-foot restaurant with a full basement, 190 parking spaces and "bigger-than-life" sign welcoming visitors. It also comes with a Class C liquor license.

A total of $55,254.12 in taxes for winter 2017 and summer 2018 are owed on the property, according to a brochure from the broker.

Cohn said the family wished to defer comment through him, but they are "excited to continue feeding the community" until they close.