The team behind Flight restaurant Downtown and Southern Social in Germantown – Tom Powers and Russ Graham – are the new tenants for the cornerstone space in Overton Square occupied until recently by Bar Louie.

Loeb Properties Inc. announced Tuesday, April 10, that Porch & Parlor will begin the conversion of the Bar Louie space on the southwest corner of Madison and Cooper within the next month, describing it as “a fine-dining concept.”

(Daily News File/Andrew J. Breig)

Memphis Louie LLC, the company that owned Bar Louie, filed for bankruptcy reorganization a year ago. Loeb Properties and Overton Square South LLC filed a motion to allow it to continue plans to find a new tenant for the space.

Bar Louie closed earlier this year after being among the first new tenants in the refurbished entertainment district five years ago.

The 5,982 square feet of space, including a patio at the corner, undergoes the conversion to a new concept in a second wave of activity in the square including the recent opening of Hopdoddy, a burger chain out of Austin, on the southeast corner of Madison and Cooper.

Just south of what is to be Porch & Parlor is the site of a $24 million boutique hotel where there is now parking fronting on Cooper at Trimble Place.

Lafayette’s is expanding into the bay to its east with plans for a storefront that will sell Midtown-themed merchandise.

And the Flats at Overton Square, a multifamily development, is planned for what is now a car lot further west on Madison.