Beloved O'Leary's Seafood Restaurant is set to close, leaving void along Annapolis waterfront

A beloved Annapolis restaurant is closing its doors after more than 40 years of business. 

The owner of O'Leary's Seafood announced in a statement that the restaurant is closing due to the loss of their lease. 

The owner didn't respond to a request for more information.

However, locals said this closure is a sign of the times in Annapolis.

The struggles of downtown Annapolis restaurants

O'Leary's Seafood Restaurant opened its doors on Third Street in Annapolis in 1983. Its last day will be on August 2.

Will Peterson, the restaurant's owner, said in a social media post this was not his decision. It was not the ending that he imagined.

Earlier this month, the building was listed for lease at a little more than $17,300 a month, not including utilities.

Locals told CBS News Baltimore they are saddened by the popular restaurant's closure. Some are worried that small family-owned businesses are struggling to stay afloat on the Annapolis waterfront.

"It's just the expense of being in downtown Annapolis," said Annapolis resident Dave Isbell.

"And we heard Ruth's  Chris is moving out too, so Eastport is changing," said Annapolis resident Lisa Lutz.

Ruth's Chris is leaving the downtown Annapolis location and moving to Parole, Maryland, leaving two restaurant properties up for grabs on the street. It's unclear who will move in.

The owner of O'Leary's said that before it closes, there will be an appreciation night with proceeds going to his employees.