According to an article in the Dorchester Reporter, Gerard Adomunes of Gerard's Restaurant in the Adams Village section of Dorchester is selling the business to three local investors (Ed Brooks, Russ DeMariano, and Christopher Roche), with the new owners planning to do a complete restoration of the Adams Street dining spot, though it is not known exactly what Gerard's will become as of yet. A licensing board page within the City of Boston website shows that the beer, wine, and liqueur license for Gerard's is slated to be transferred to Aloft Lounge within the upcoming Aloft Seaport Boston hotel in the Seaport District, with that place possibly opening in February of 2016, based on the hotel's planned opening date.
[November 11 update: Eater Boston notes that the plan is to replace Gerard's Restaurant with a new spot that is tentatively called K O'Brien's Kitchen and Tavern.]
[November 19 update: According to a post from Universal Hub, the restaurant replacing Gerard's may actually be called Landmark Public House, though this is a working name at this point in time.]
Adomunes first opened Gerard's in 1977, according to the Dorchester Reporter.
The address for Gerard's Restaurant is 772 Adams Street, Dorchester, MA, 02124, while the address for the upcoming Aloft Lounge is 401 D Street, Boston, MA, 02210.
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[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]