This much I know from walking by and peering in the windows, and talking to the contractors:
It will open as another pizza/pasta restaurant (snore, unless they can replicate Highland Cafe pizza in all its glory).
Renovations appear to be ongoing.
They redid the bar with what appears to be granite and I saw a tap for *gasp* Stella Artois (not a bad sign).
I am very interested in when and what will be happening in this space!