The clock is ticking on one of Dallas' oldest and most venerated restaurants: Pietro's Italian Restaurant is on the market, and is just a lease agreement away from serving its last plate of meatballs with signature red sauce.

Owners Pietro and Grace Eustachio, both in their 70s, have finally decided to retire, and have placed the property up for lease. Their daughter Rose Lafferty, who owns Antique Stop in Plano, says that they've fielded some inquiries, but there are "no bites" yet.

According to broker R. Court Powell, this is a "ground lease," which means that the entire property is up for grabs, and it includes the house next door. It could be "anything with the exception of a high-rise or a bar," he says.

Pietro's is a major restaurant landmark which has been serving old-school Italian food since 1960. With its red-and-white checkered tablecloths and pleasant sunroom in front, it's the de facto Italian-American standard for old-time Dallasites. Many a lengthy blog post has waxed on about its vintage tableware, familiar servers, and personal touch combining to make diners feel like they're eating at Grandma's.

Its address at the intersection of Richmond and Greenville Avenue puts it in the very center of the current Greenville Avenue action, and Powell says he's already been approached with some offers. The timetable for Pietro's closure is "whoever brings in a reasonable offer."

Lafferty, who like every member of the family has worked at the restaurant, says that it was time. "My dad is ready to retire," she says. "He's 77, and my mom's 74. They've been working hard for more than 50 years."