It will be at least another year until the old St. Francis of Assisi School undergoes conversion to a theater, hotel, restaurant, bar and soaking pool in downtown Bend.

The $5 million project by McMenamins Pubs and Breweries has been delayed after a fire burned down one if its properties and economic weakness hit its bottom line.

”Certainly our enthusiasm hasn’t run out,” said Tim Hills, the historian on staff at McMenamins. ”But it’s the economic situation.”

McMenamins St. Francis is expected to open for business near winter 2004, said Mike McMenamin, who owns the eclectic empire of 50 McMenamins establishments with his brother. McMenamins has already bought art, bars, furniture and ”various amounts of crazy stuff” for the interior of the theater, bar and restaurant, McMenamin said.

The chain is known for its attention to historical detail and ambiance. The former St. Francis, for example, will have rooms named after people that have been important to the school and their quotes painted on its walls, according to McMenamin.

”We just got the permit,” McMenamin said. ”We couldn’t be more excited about the Bend location but the fire at Rock Creek Tavern and the economy has kind of set us back.”

McMenamins Rock Creek Tavern in Hillsboro burned to the ground in September last year.

Originally, the building was a blacksmith shop in the 1820s and became a general store and tavern in the 1890s, according to Hills.

The McMenamin brothers, who have a keen interest in history and a passion for preservation, plan to spend millions of dollars to rebuild the Hillsboro property with the same floor plan in mind. They expect to use the wood from nearby barns in the area, Hills said.

”With the type of stuff we do, I’m not sure they make great business sense even in good economic times,” McMenamin said. ”But you’ve got to live dangerously. What’s fun is trying new stuff and keep challenging yourself. That doesn’t necessarily mean you’re in danger of going out of business. I see those as separate things.”

With the weak economy, sales at two of the newest ventures impede projects in the pipeline. McMenamins Grand Lodge in Forest Grove, Ore., about 25 miles west of Portland and McMenamins Hotel Oregon in McMinnville, Ore., in the state’s wine country, both big investments, opened three years ago.

”The economy has hurt us in our newer bigger projects,” McMenamin said.

”We haven’t seen the increase we’d like to see. Sales are steadily increasing but not as fast as we’d like to see it.”

Monica Lee can be reached at 541-383-0363 or mlee@bendbulletin.com.