I haven't seen it posted yet, but the restaurant which has housed a Red Rock, Bellini's, Pearl's, Islands Cafe, etc is currently undergoing a remodel to become Othello's (of Campus Corner fame).

I don't know if they will consolidate to the new location or keep both open.

I loved the Pearls there, I was sad to see it go. What was their reason for closing, it always seemed busy? The Islands was nothing special and I guess people realized that. It certainly left a void for seafood in Norman that has yet to be filled. An island-themed bar/restaurant serving fish and shrimp would do well in Campus Corner especially if the bar was as popular as Pearls once was...

The Islands/Peals definitely had something different that the other sea food joint up the street can't offer. Though the selection at the Islands and the service were somewhat questionable at times...their smoked salmon always hit the spot. :)