MILWAUKEE (CBS 58) — Six years after Bartolotta closed “Rumpus Room” in downtown Milwaukee on Water Street, the restaurant company is opening a new steakhouse in the same location called “High Stakes.”

The steakhouse is on the corner of Highland Avenue and Water Street and officially opens Thursday.

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“This is one of the most important north-south corridors from Brady Street all the way down to South Milwaukee, so it’s a very important corridor,” Bartolotta co-founder Paul Bartolotta said.

There have been rising concerns about weekend chaos on Water Street, and businesses have continued to close in the area.

Ald. Bob Bauman spoke about the future of the Water Street Entertainment District in a committee meeting last week.

“I think the days are numbered for the Water Street Entertainment District as we’ve come to know it,” Bauman said.

Bauman said he supports the restaurant opening and thinks it could be a step in the right direction.

“I’d actually like to see more fine dining come into Water Street, more music venues come into Water Street rather than just hardcore drinking, essentially,” Bauman said.

Bartolotta said he has had enough of the discussions surrounding Water Street’s reputation.

“I’m disturbed to hear all of this continual negative reporting of Water Street. Yes, there are some issues, but we’re gonna be part of the catalyst to improve this city, and that’s where we’re putting a steak down in Milwaukee,” Bartolotta said.

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Milwaukee Mayor Cavalier Johnson agrees with the longtime restaurant owner and said the entertainment on Water Street is not going anywhere.

“This shows further investment not just in downtown, but it plants a stake and shows that this is not dead. There’s still a lot of life, there’s still a lot of opportunity, and I think we’ll continue to see more great things happen in this part of downtown Milwaukee in the years to come,” Johnson said.