The Ranch Steakhouse & Grill, previously in Queen Street, will re-open just around the corner at their new address in Aswell Street, next to Mr Chips of Louth.
It will feature an improved bar area with a wider range of beverages, an increased capacity, and even a stage for live musical performances including local bands and tribute acts.
There is also a 22-seat 'VIP' table in an adjoining room - named 'Skeg's Saloon', in tribute to the nickname of owner Oliver Crossland's grandfather - where larger groups can gather.
Special events such as tasting events, gin nights, and 'shared table experiences' will be able to take place in Skeg's Saloon in the future.
The Ranch - which has won several awards and is consistently listed amongst the town's top restaurants on TripAdvisor - was previously based in Queen Street, and has become famous for its steaks, burgers and ribs since it opened in 2012. The Ranch suffered a devastating fire in June 2014, but was able to re-open just a few months later and has gone from strength to strength ever since.
Owner, Oliver Crossland, 24, told the Leader he "can't wait" for the new venue to open this evening (Friday), with local band 'Moonshiners' set to perform later in the evening.
Mr Crossland also owns Mr Chips of Louth next door, and he is looking forward to having both of his restaurants in the same building - although they will remain firmly separate.
He said: "The new Ranch restaurant can seat 155 people, whereas the previous one was just 92. There is a wide range of smaller tables, and larger ones too.
"The menu and opening hours are staying the same for now, but we're planning a new menu for around Easter time, once we've settle down here.
"We have been hiring additional staff here, including more kitchen staff and bar staff - including ones who can make cocktails. Every single area of the restaurant is getting an improvement.
"For customers who are visiting from outside Louth, we want to make sure they know that we really are literally just around the corner from where The Ranch used to be."
A new dessert preparation area next to the main kitchen will enable The Ranch to deliver a selection of homemade puddings in the future, such as waffles and pancakes.
Meanwhile, Surf 'N' Turf evenings - featuring fresh lobster - will be taking place on Thursday evenings.
A late night 'bar menu' will be on offer on Friday and Saturday evenings, from around 9.30pm until 11pm, which will feature light bites such as nachos and chicken wings for anyone who wants to have a snack and watch the live rock 'n' roll music on The Ranch's brand new stage.
Visit www.theranchlouth.co.uk for more information and to book a table.