The owners of Shenanigans in South Boston have bought an old party-supply store on Neponset Avenue and plan to turn it into a full-service restaurant with a similar theme and menu.

At a Boston Licensing Board hearing on Wednesday, co-owner Paul Adamson and attorney Carolyn Conway said the new restaurant, to be called the Dorchester, will serve basic American fare for lunch and dinner at 367 Neponset Ave.

Conway said Adamson and co-owner Mark Cummings are making an investment in a neighborhood on the cusp of revitalization, one that is ripe for a good restaurant to anchor it.

"This is a neighborhood that is starting to really come into its own," Conway said. Some "really, really run down buildings" could soon be replaced by condos or get upgraded, she said.

The two paid $300,000 for the liquor license from a Brighton restaurant.

They had originally sought permission to stay open until 2 a.m., but agreed to roll that back to 1 a.m. after talking to Pope's Hill residents.

The board decides tomorrow whether to approve the purchase, which was supported by the mayor's office and city councilors Frank Baker and Steve Murphy.