The Colombian was a tradition with my family for many years while we lived in Florida. It has changed and become more upscale in recent years, and the food is still excellent. If your children tend to like spicy or "exotic" foods, if they are willing to try new things, and if they are well-behaved in nicer restaurants, then I think you would be okay to take them. I don't believe this is the type of restaurant with a kids menu and coloring pages. As far as the neighborhood goes, it is not the nicest part of town, but as long as you exercise caution (park close, don't stay late, leave obvious valuables at the hotel, etc) as you would in any larger city, then you should be fine. Try eating earlier in the day, perhaps.
Hope this helps!