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The Papas family of long-running Greektown restaurant Pegasus Taverna and other area properties has purchased the nearby New Parthenon restaurant. 

The family has closed the restaurant at 547 Monroe and its future is unclear. Known for serving Greek favorites and keeping late hours, New Parthenon had been serving the area for four decades. 

"Plans are currently under development for renovations at this property," Athina Papa said in a statement. "We will announce further details of this dining establishment in the near future." 

Another Papas-owned restaurant, Santorini Estiatorio, has also closed at 501 Monroe. Papas said this space is also undergoing "major renovations" and when those are complete, it will debut as a new concept restaurant with a rooftop that will "compliment the offerings within the Greektown district." 

The Papas family also owns the Atheneum Suite Hotel. The statement hinted at more developments in the near future. 

"The Papas family has owned and operated businesses within the Greektown district for four decades and is committed to preserving the cultural aspects of the area as well as enhancing the neighborhood for generations to come," she wrote. "Our family chose to continue to invest in Greektown, which also coincides with an upcoming district wide redevelopment master plan to be unveiled by the end of 2018." 

mbaetens@detroitnews.com

Twitter: @melodybaetens

 

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