Cambridge Day states that construction on Prospect (also known as Prospect Lounge) in Central Square is more or less at a standstill, with the funds needed to open the Prospect Street place unable to be raised, and now the possibility exists of its alcohol, restaurant and entertainment license being taken away. The article says that attorney James Rafferty is currently talking with the landlord about possible options, and that a 60-day reprieve has been granted in order to allow Shulman to find partners or investors or someone to purchase the license, according to Cambridge Day.
Marc Shulman and Patty Chen, who are the owners of Prospect, were also behind a Mass. Ave. nightclub called All Asia Bar on the other side of Central Square which was forced to close to make way for redevelopment by MIT. The initial plans were to reopen the club as Valhalla on Prospect Street, though a name change to Prospect Lounge (or Prospect) was eventually made.
[Earlier Article]
All Asia Bar in Cambridge to Move, Change Its Name to Prospect Lounge
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