Over the weekend Troiani Ristorante Italiano at Madison and Third closed its doors. Late next month it will reopen as Sharp’s Fish Market.

What lies between represents a whole lot of market watching.

Mackay Restaurants are the folks who brought us El Gaucho and Waterfront. They decided to revise Troiani’s Italian format “in light of the recent changes to the downtown community and restaurant scene.”

Meaning: They needed to cut prices, and take that space’s occupant out of competition with the really fine Italian places downtown, which include Tulio and Il Terrazzo Carmine.

Downtown’s seafood competitors just aren’t as numerous—and the best ones, like Etta’s and Flying Fish, are considerably farther uptown.

When Sharp’s opens, expect “more accessible” prices (mid-$20s) for a seafood-heavy menu, along with a bigger bar, a list of all-Northwest wines, and—this is cool—a bonafide fish market selling fresh catches-of-the-day and bottles of wine for home preparation.