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Billybob's, a bar and restaurant at 40th and Spruce streets, closed its doors this summer and will be replaced by a Tex-Mex restaurant. [Ian Zuckerman/The Daily Pennsylvanian]

(See below for correction.) Copabanana, a Tex-Mex restaurant and bar, is involved in final negotiations to lease the space formerly occupied by Billybob's on the corner of Spruce and 40th streets.

Co-owner Bill Curry said he predicts that the deal will be made official within the next few days, and hopes to open for business in approximately two weeks.

The former tenant of the 40th and Spruce street location, Billybob's, a bar and restaurant, closed its doors over the summer. The venue had been on campus for nearly 20 years, but has housed a hodge-podge of different eateries, ranging from a late-night cheesesteak hangout to a Chinese restaurant to a bakery.

Billybob's former owners did not return calls for comment on the business' closure.

But according to Curry, their decision to close the bar was based on the fact that they "had been in business a long time" and "were tired." He confirmed that the closure was not rooted in legal problems.

Copabanana -- best known for its gourmet burgers, Spanish fries and margaritas -- already has one location at 4th and South streets, which is celebrating 25 years of operation. The restaurant near Penn's campus will mirror the original.

"I have always wanted to have a location here," said Curry, who also operated a now-closed sister restaurant, Copa Too!, in Center City.

"We want to be part of the community," he added. "We are a strong part of the South Street community."

Although the lease for the University City location has yet to be signed and no exterior changes to the building have taken place at this point, Curry has already hired employees to staff the establishment. He also has plans to renovate the interior of the building in order to create more table seating.

Curry emphasized that unlike Billybob's, his business will serve more as a restaurant, and not as much as a college bar.

"I try to appeal to the lunch crowd," Curry said. "I need to attract the professors and the people working in the hospitals."

Curry added, however, that Copabanana will also be open late to accommodate the student population.

According to a poll conducted in 2003 by Citysearch.com, Copabanana was ranked as the best margarita bar in Philadelphia. The restaurant won this same title in 2001.

The University recently signed a lease with the Mexican-influenced chain restaurant Qdoba Mexican Grill, which will open just one block up from Copbanana at 40th and Locust streets within the next few months. Penn officials, however, are not concerned about the possible south-of-the-border food competition.

"We always welcome competition," Vice President for Facilities and Real Estate Services Omar Blaik said. "It allows students more variety and more reasonable pricing... and that is good for 40th Street."

Correction

This article noted that Copa Too! in Center City is closed. In fact, the establishment is open.
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