A new year-round restaurant is expected to occupy the former Capital One bank branch on West Neck Road. When owners of the building pass muster with the Suffolk County Department of Health Services and obtain a special permit from the town, meals will be served.

Valerie Mnuchin and her father Robert plan to open what they described at Tuesday’s Town Board work session as “a family restaurant” that will be affordable enough for people to eat out at least once a week.

“We really want to become a part of the community. Your way is our way,” Ms. Mnuchin said.

Her brother is Steven Mnuchin the Secretary of the Treasury during the Trump administration. Her father, Robert, was a partner at Goldman Sachs and a member of its management committee for more than 30 years, as well as an art dealer.

Restaurants aren’t new to the family. Robert Mnuchin bought and ran the Mayflower Inn & Restaurant in Washington, Conn. from 1990 to 2018. Like the Mayflower, the restaurant the Mnuchins envision for Shelter Island is to feature a menu of fresh local food, Ms. Mnuchin said. She and her father are planning to honor Mr. Mnuchin’s late father Leon Mnuchin by naming the new restaurant for him.

In the immediate future, there is work to be done before the Building Department would issue a permit. The roof must be removed in order to get the bank vault out of the building, with Mr. Mnuchin jokingly asking if anyone has a helicopter he could borrow to lift it out. Siding also has to be replaced.

A hearing on the special permit won’t be heard until the County Health Department clears the way or requires any changes in plans that would have to be considered before a special permit could be issued.

Up to 2,500 gallons of water would be stored with an estimated daily use of between 1,500 to 1,600 gallons, according to the Mnuchins’ engineer, Jeff Butler.

There are no plans for music outside the building and the architecture of the structure will remain as it is, Ms. Mnuchin said.