Downtown bar and restaurant Carolina Watershed will be renovated this week so it can host more private events and will change hours of operation.

Brad Barnett, co-owner and co-developer of Carolina Watershed, and his partners entered into a management agreement with the operators of Loflin Yard to manage the facility as part of the change. Barnett is also an investor in Loflin Yard.

Carolina Watershed, 141 E. Carolina Ave., opened last year about a block from Loflin Yard.

“It just made sense from a perspective of operations and economies of scale for one team to run both venues,” Barnett said in a news release.

Rather than opening daily, Watershed will be open to the public only on the weekends, while continuing its popular brunch and live music series. Private events will be booked any time through the PartyMemphis.com website and sales team.

PartyMemphis.com now manages and books events for seven venues, including Bounty on Broad, Railgarten, Rec Room/Civil Axe Throwing and Maciel’s Highland.

As part of the renovation, Watershed will build a large covered pavilion off the back of silos on site so the venue can accommodate more than 200 people, even in inclement weather, according to the release.

Initial plans for the venue include a spring bluegrass brunch series every Saturday and Sunday beginning in late February. Watershed will also open to the public every Friday, Saturday and Sunday night when a private event is not booked.

Special event plans include a springtime Mardi Gras bar-crawl celebration in conjunction with Loflin Yard on Saturday, March 2. The two venues also plan to collaborate on the annual “Smoking in the Yard” celebration on Saturday, April 20, and the inaugural “Carolina Street Fest” this summer.

Starting Jan. 11, Watershed will open Fridays from 4 p.m.-midnight; Saturdays from 11 a.m.-midnight; and Sundays from 11 a.m.-10 p.m.