The 201 E. Franklin St. space, which formerly housed Blue Marlin Pub, was leased Tuesday to Turtles CIV Inc.
Walter Webster, a 2000 UNC graduate and partner in Turtles CIV Inc., said the company will open a new pub called Bottoms Up in the space.
Webster and his partner Chris Ferguson, an N.C. State University undergraduate, entered into their first joint business venture with the deal, Webster said. Webster and Ferguson said a third partner will join Turtles CIV Inc. when he turns 21.
Webster said he has never owned a business, while Ferguson said he was previously the owner of Funtasia, a family fun center in Durham.
Despite their inexperience, the two partners are confident that Bottoms Up will be a success. "I know our corporation can do this, do it well and make good money at it," Webster said.
Webster said Bottoms Up will be closed for about a week while the owners apply for necessary permits, do minor renovations and prepare the inventory.
He also said that when the pub opens, the new owners will reach out to University fraternity and sorority communities and the area's community of young professionals.
"We want (fraternities and sororities) to know that we're available and will work with them to make their mixers a success," Webster said.
But Bottoms Up will not cater to underage drinkers, he said. "We want to work very closely with the state (Alcohol Law Enforcement)," Webster said. "Bottoms Up will not be a place where the cops end up every weekend."