A reader sent us a pic and it looks like things are moving forward:
We did some more google searching and found an update on Metromix:
After closing their River North Chinese restaurant Red Violet in May, the owners of Niu Japanese Fusion Lounge decided to take over Oysy's former digs in the South Loop, where they'll be serving Asian fusion small plates, sushi and some favorites from Niu. This space is significantly smaller than their Streeterville location, so expect a much smaller menu. They're also ditching Oysy's colorful pallet in favor of darker hues for a more lounge-like vibe. The restaurant is expected to open in late March or early April.We've actually ate at Red Violet and had a solid lunch. Nothing out of this world, but definitely good. It's not super surprising that they ended up closing in River North though. It's a crowded neighborhood and you have to really do something different or well to stand out.
Regardless, glad to see them moving into the neighborhood and we imagine they will do well with hotel guests and the like.
(Hat tip: OI!)