The former tram station had been suffering a fall in trade even before the recession took hold.
Owner Paul Keaveny, the brains behind Dakota and Dame Lane, finally made the decision to shut the bar in February.
Mr Keaveny said something drastic had to be done to reinvigorate the bar and attract back the crowds.
"It had gone past its sell-by date. Even before the recession, the area around Harcourt Street was quite badly hit. We had struggled with it for a number of years.
"We have radically altered the space. It looks very different to what was there before: it is intimate, more moody."
The bar, which was known for its art deco interior, opened in the late 1990s.