MILWAUKEE - The only restaurant on Milwaukee's lakefront will close in two weeks.

Harbor 550, formerly known as Pieces of Eight, serves its last meal October 15th.

Officially, no reason has been given. However, a lawyer for the restaurant's parent company tells TODAY'S TMJ4 they are in "substantial negotiations" with Michael Cudahy and other members of the Discovery World board.

The restaurant sits on a piece of land directly between Discovery World and the Milwaukee Art Museum. In the past, Discovery World has expressed interest in buying out Pieces of Eight's lease.

The lease is owned by the City of Milwaukee, administrated by the Harbor Commission. Ald. Bob Baumann who sits on that commission says he supports a change.

"It is as prime as prime can be and now sitting between two iconic structures, you would think better use could be made of it," he said.

Click on the link under related content to see an interview with Alderman Bob Bauman.

Frequent diner Marsha Tarney says the city has enough public space, but only one lakefront restaurant.

"I think it's a shame because it's the only restaurant that's actually right on Lake Michigan. I mean there's no place else like it in the city."