Arco Construction is working on the building and the mezzanine has been filled in to create a complete second floor.
The lack of a full second floor had been a concern for prospective tenants, such as Lone Star Bar & Restaurant, which told the Advocate in 2012 it had been looking at the building for a prospective franchise but wanted more floor space.
A council spokeswoman said work on the turret of the building had also been completed in recent weeks. She said, however, the WDC could not comment on the identity of the new tenant.
"We have a new tenant ... but ... no comment until everything is finalised," she said.
The spokeswoman was yesterday unable to confirm who had paid for the recent renovation - the WDC or the new tenant - and whether or not rent had been reduced to fill the site.
Justin Le Cheminant, who owns Mokaba Cafe and Riverside Cafe at the Town Basin, said he had heard a seafood-oriented restaurant was opening in August.
"Good on them ... this is great for the Town Basin. We need another restaurant down here - we currently have customers queuing out the door."
Reva Meredith of Reva's said she had heard that a restaurant was moving in next door too.
She said she welcomed a little competition.
"It's good to have more activity here. We hope that it brings more people to the Town Basin at night time too. Competition is good."