Mundelein's Park Street Restaurant has switched hands after more than 16 years.
The menu and decor will undergo changes, new co-owner Paul Arroyo said, but the name will remain.
"We have decided to keep the name 'Park Street Restaurant' as it is already well known in and around Mundelein," said Arroyo, of Grayslake. "With the changes we are making, we want existing patrons and future guests to feel at home in the updated space."
Park Street has operated at 14 E. Park St. since 2001. Arroyo and his wife, Nora Bellido Arroyo, purchased the restaurant in late November from an investment team called Safehouse Inc.
Safehouse investor Deb Belasco acknowledged "it was time for a facelift" at Park Street after so many years.
"So we decided to let someone else bring it up to date," said Belasco, of Mundelein.
Open for lunch and dinner, Park Street Restaurant specializes in American fare such as steaks, chops and seafood.
Many current menu items will remain, but new dishes likely will include recipes from Nora's native Peru, Arroyo said.
"We'll also try some of our own recipes, which span multiple cuisines, and see how they work as well," he said.
Most of the staff is staying through the ownership change, Arroyo said.
This is the first time Arroyo or his wife have owned a restaurant, but both have experience in the industry.
"I have been operating restaurants for others for the past 10 years, most recently as a regional manager of a restaurant group in Los Angeles," Arroyo said.
Nora Bellido Arroyo also has restaurant service and management experience.
"Long ago, we both decided we would one day work for ourselves and do what we love," Arroyo said. "Fortunately, the stars aligned and that day has finally come."
Arroyo said he and his wife are excited to be part of the ongoing redevelopment of downtown Mundelein.
Village Administrator John Lobaito said he's pleased the couple have decided to be part of what's happening there.
"Park Street Restaurant has had a strong presence in Mundelein for many years, and (we) would expect the new owner to bring new energy to the restaurant," Lobaito said.
A three-day closure and grand reopening celebration is being planned for early January, Arroyo said.