Toney Frank said he and his business partners intend to run their new bar just like they handled the renovation: slow and steady.

After a year of renovation work, Virtue, a bar and event center, opens Friday at 103 W. Oak St.

"It was just taking the time and investing in the business," he said.

Frank co-owns the space with business partners Philip Thomas, Richard Ballard and Robert Byers.

Frank estimated that the four partners have put more than $100,000 into the renovation and getting started. He said it all was done with their own capital and without bank loans.

They're in it for the long haul.

"We didn’t make that investment looking for a quick return," he said. "We made it for the longevity and to be a part of Old Louisville. We want to be a melting pot of events to give you a neighborhood feel."

Frank said the partners got the keys to the 2,100-square-foot leased space in Old Louisville last November. They pretty much gutted it and started fresh.

From the floors to the ceiling, he said, everything is new. The bar space is completely done, and the kitchen is in progress.

They hope to open the restaurant part of the business early next year, after the kitchen is finished.

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