_CLARIFICATION: The original version of this story reported that Diane Fountain has headed past unsuccessful business ventures. Fountain said her five previous ventures, which were dissolved
by the N.C. Secretary of State, were in the television industry and that she voluntarily exited them. She said she intentionally allowed the businesses to expire. The Daily Tar Heel apologizes for any confusion._
Renovations on the Ramshead Rathskeller restarted last month after the restaurant’s August opening date was delayed.
And although it could still take up to six months to re-open the restaurant, Jim Lilley, a realtor volunteering with the renovations, said it will be worth the wait.
The restaurant, often called “The Rat,” will revive a Chapel Hill tradition, Lilley said. First opened on Amber Alley below Franklin Street in 1948, the restaurant closed in 2008 after its previous owners failed to pay taxes.
The re-opening date — originally set for the end of 2010, then pushed back to August — has been delayed again because the new owner Diane Fountain has had trouble finding investors, Lilley said.
Fountain, who has headed unsuccessful business ventures in the past, said renovations were delayed because she wanted to personally re-calculate costs, originally estimated by contractors.
“The amount that the contractors were saying was so outrageously high that the investors wanted me to find out what the real numbers are,” Fountain said. “That was the hold-up. We needed real numbers.”
Fountain said she now has a better piece-by-piece cost breakdown and is moving forward.
Lilley said demolition began in July, and he and Fountain have hired workers to remove the restaurant’s outdated wiring.