The restaurant will be called Restaurant 1833. It's run by Coastal Luxury Management, who run the Pebble Beach Food and Wine Festival and who just opened the Cannery Row Brewing Company.
More info here: http://www.montereyherald.com/restaur...
To quote: Don't assume a high-end dining experience. Bernahl envisions martinis at a vintage bar with an "old apothecary shop vibe," small bites in the lounge, an outdoor patio in front surrounded by an ivy-covered wall, and "great, affordable food in a cool, hip setting."