A new restaurant on the Esplanade Riel bridge is one step closer to reality.

The city's committee for downtown development, heritage, and river and management unanimously approved a proposal by WOW Hospitality for the space on Thursday.

In addition to rent, WOW would pay taxes and utilities for the space year round and give the city five per cent of its profits.

WOW would also spend $100,000 in upgrades to the restaurant.

Coun. Jenny Gerbasi (Fort Rouge – East Fort Garry) called it a good deal, and said it would be better for taxpayers than the previous arrangement.

“They're paying the taxes. They've giving us a percentage of the revenues. So the expectation is that probably the tax payer will do better under this arrangement than the previous one,” said Gerbasi.

WOW proposed a seasonal French bistro that would be open from May to September.

The space would be used for private events the rest of the year.

WOW president Doug Stephen said it's an expensive space to run, but thinks his proposal is a good option.

WOW has a host of other restaurants in Winnipeg that would provide income in the winter months, which have proved problematic for the bridge space.

"The cost of doing business on the bridge is very, very high. And so what we want to do it try and maximize the opportunities that we have,” said Stephen.

The working name for the restaurant is Mon Ami Louis, which Stephen said is an homage it Louis Riel.

The proposal also includes patio space in the summer.

Stephen hopes to provide a shuttle service to the restaurant to increase accessibility.

Limited parking and long walks have been a problem for the Esplanade Riel space in the past.

Coun. Matt Allard (St. Boniface) said the proposal is a good fit with the neighbourhood.

He said the plan is moving forward, but it's by a done deal yet.

"There's always a chance that there's further clarification we need but for now we're hopeful that the mid-July target will work out for a signed agreement and a new restaurant,” said Allard.

If everything goes as planned, WOW hopes to have the restaurant up and running by mid-July.