The shell of one old Ann Arbor institution will become a new home for another, still thriving, Ann Arbor institution.

The owners of a local butcher and steakhouse, Knight's, plan to open another restaurant downtown. The new restaurant will be in the space once occupied by the Borders flagship store.

After Borders went bankrupt, the downtown space has been empty - a hole in the middle of an otherwise busy downtown.

AnnArbor.com's Lizzy Alfs has more:

“We’ve been looking for the right location for about five years,” said Don Knight, who runs the restaurant on Dexter Avenue. “When we saw this spot become available, we thought it could be really cool.” The move comes 61 years after Ray Knight opened Knight’s Market at 420 Miller Ave., and nearly 30 years after he purchased Annie’s Dugout at 2324 Dexter Ave., opening the now-iconic Knight’s Steakhouse. Ray’s five children run the family businesses after Ray died in February.

You wouldn't know Knight's Steakhouse on Dexter Ave. is there unless you looked for the sign - a black knight chess piece. With a location downtown, you won't miss it.

There had been a lot of speculation over who might rent that part of the former Borders store. The people in charge of securing a new lease and renovating the space said Knight's was a good choice:

“People were fighting over the corner space,” Chaconas said. “You can’t find a better tenant, a stronger anchor, than Knight’s.” Added Hughes: “This is such a high-profile building. It’s great to have a generational family come in and take this cornerstone location in the building.”

Alfs reports Knight's downtown location could open in January 2014 if plans progress.

*Clarification - this story has been updated to clarify that the original Knight's Steakhouse will remain on Dexter Ave.