DERRY — A well-known downtown building is getting a new look and will offer the community a new spot to meet and enjoy a meal.

The former Firehall Pub and Grille at 32 West Broadway is now being renovated and refurbished by new owners and will open as a new restaurant.

The new tavern-style eatery will be known as the Halligan Tavern, taking its name from the halligan tool, a classic forcible entry tool used by firefighters and named for Hugh Halligan, a New York City firefighter, in 1948. Boston firefighters were first to purchase the tools for use in their departments.

Construction crews have been working on the exterior and interior of the building over the last several weeks, getting the space ready for a new life in the downtown area. Blanketing the historic old fire hall's outer areas with new coats of paint, workers have been seen on site daily getting the work done for the business to re-open sometime in the months ahead.

The former Firehall restaurant, which closed in 2007, was sold this summer by Avatar Financial, the company that held the mortgage of the building's previous owners Robert and Bonnie Hall. The building was foreclosed upon and had been for sale every since.

New owners are Timothy Moran, Ryan Tobin, and Daniel Mancini, operating under the name MTM Realty LLC. The trio come into the mix with a rich background in the restaurant industry, all working together for years at an area restaurant and separately each with a collective 15-plus years in the food business.

According to Tobin, work is moving along and if all goes as planned, the Halligan Tavern will be open for business by December.

"It will have a rustic tavern feel," Tobin said of the new space.

He added coming to Derry is a good move for the old firehall's new owners.

"We fell in love with the building and we liked Derry," Tobin said.

And the name will suit the old firehouse fine, he added.