I'm not saying the restaurant market isn't tougher than ever, but maybe don't spend $1 million to renovate into a super fancy place when the market doesn't call fro it? Everywhere downtown has done this, and I think they've priced a lot of people out of the reason they are there...food and drink.
A place like The Belfry spent a crapload to re-do it, then a couple years later shut down and was completely re-done as Paper St. It was perfectly serviceable as it was, but they blew a bunch of cash for no reason. And I still prefer it back when it was the dump known as Murphs. Cheap burgers and beer.
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