If Murray Hill won't support Taco Lu, SPR certainly will. I hear there's huge, rather cool building (with outdoor seating) at 9th & Main for sale for $200k. : )
But seriously, if the French Pantry, Three Layers, & Sweet Petes can succeed in out-of-the-way and non-traditional spots, I seriously doubt a quality venue would have difficulty attracting to the former 1171 location.