The recession has taken down a slew of local businesses. Oscar Valasco-Schmitz and Boris Gorodnitsky decided to revamp before things got any tougher. Last February they closed the doors of their Capitol Hill fine-dining restaurant Artemis, open since September 2007, to rethink and retool their concept. Last week they reopened as The Lookout, a restaurant and pub with a much less expensive menu that includes oyster poboys, muffuletta sandwiches, quesadillas, and burgers, with prices falling between $3.95 and $12.95. Valasco-Schmitz told us they wanted the new incarnation to have a more laid-back, neighborhood-friendly vibe, so they installed an outdoor patio, a pinball machine, a jukebox, booths, and a mural by a local graffiti artist. Time will tell if accessibility means more business–and if other local high-end restaurants heading toward a possible demise will take a cue from The Lookout. Find restaurant gossip like this plus local food events and great date ideas in our Big Bites e-newsletter, sent out every Tuesday. Sign up here and we promise we won’t send you a bunch of spam.