I noticed that last week too, I noted it under the Retail Odds & Ends thread. The activity is happening where The Misty Mug restaurant was, the Cineplex used to be where Ryerson now stands. I was walking fast & freezing cold when I walked by, but I don't recall any signs or permits indicating what was going on.
^ Indeed. The large JJ Mugg's patio that used to be here was always packed in summer and was a good place to stop by for a drink+snack in the summer. Hopefully the new restaurant provides a similar or better environment.
I believe it'll be an offshoot of Joey Tomato's, which started as a mid-range casual dining place, then as it evolved to become Joey Tomato's Mediterranean Grill, and taking on a more upscale look, with still decent prices. It appears they're now known simply as "Joeys". The food was great back when I went there all the time when I lived out west, and hopefully it's as good today.
Not surprisingly, if you search Google on "Restaurants" + "Times Square" the first hit that pops up advises, Times Square is a popular destination for visitors to New York City, but the area is plagued with mediocre chain restaurants. I guess it is likely the same everywhere.