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Gastronomy Inc., parent company of the Market Street Grill and several other Salt Lake City restaurants, has purchased the Hot Rod Hundley's restaurant at 240 S. 1300 East and will remodel it into a new restaurant to be opened later this year.

John L. Williams, president, said he and the company's two other principals, Thomas L. Guinney and Thomas K. Sieg, acquired the lease-hold improvements of the building for an undisclosed amount. The space has also formerly housed the Pancho Villa restaurant and the Crystal Palace Market."We are in the midst of developing the concept of the new restaurant, and will announce the name and cuisine this fall," Williams said.

Gastronomy also operates the Market Street Broiler and Fish Market just north of Hot Rod Hundley's on 1300 East

"Thirteenth East is an extremely popular part of the city for diners," said Williams. "Our new restaurant will add to the vitality and vibrancy of the neighborhood."

The Gastronomy partners have renovated a number of historic Salt Lake buildings into clubs, restaurants and offices. The group also operates the New Yorker Club, Oyster Bar, Baci Trattoria and Cafe Pierpont with total employment of 500.