I'd go with option 1 unless I had a significant reason not to. It might not cost you as much space as you think, esp. if you are using varchars in Bravo. Don't forget that splitting it will cost you for foreign keys, secondary identity and needed indexes.
A place where you might run into trouble is if Bravo is unlikely to be needed (<%10) AND you need to quickly query by one of its fields so you index it.