Business Briefs

High-end restaurant in downtown Raleigh closes

Posted April 18, 2012 4:39 p.m. EDT

— A restaurant that Raleigh spent more than $1 million to bring downtown five years ago has closed.

The City Council voted in 2006 to spend the money to upgrade the city-owned One Exchange Plaza building on Fayetteville Street for The Mint restaurant. City Manager Russell Allen said Wednesday that the money was an investment in the building, so taxpayers didn't lose any money.

“It is clearly a good deal for the city,” Allen said, noting that Raleigh also collected about $600,000 in rent from the restaurant, which opened in 2007, as well as other upgrades paid for by the restaurant's owners.

The City Council on Tuesday authorized city staffers to find a new tenant for The Mint's old space, which Allen said would bring in even more money for the city.