It will be a full-service dinner restaurant with its soft opening scheduled for Oct. 15.
The couple moved into town in December of 2012 and they live in a house near Vasona Lake.
Hult played professional hockey for several years after being drafted by the San Jose Sharks. He also played in Europe. After eight years in the sport, he injured his knee and switched careers to the food industry.
Hult's Restaurant will specialize in "farm-to-table" cuisine. The owner hopes to work with local growers to obtain fresh ingredients "to create amazing food."
Hult is not a newcomer to the restaurant business. His family has operated six restaurants in Sweden, where he's originally from.
"I'm excited to make this happen. We're taking a big leap of faith to make this happen for our family," he said.
Together with Executive Chef Michael Ellis, the restaurant will transform those products into American California cuisine influenced by world food.
"It's going to be an elegant, upscale setting, but a casual, warm atmosphere and ambience so people can come in flip-flops, shorts and T-shirts, children, old, young. Everyone will be warmly welcomed," Hult said. "We want it to be a fun place, too. But the inside will be spectacular."
Ellis served as executive chef at Dry Creek Kitchen in Healdsburg for five years, where he was awarded a Michelin star in 2007.
The duo, who connected after many interviews and research, has been researching the market and the healthy food trend, Hult said.
Said Hult of Ellis: "I met Mike and it's the best food I've ever had."
Hult said when the Hobee's location became available he told his broker about it securing it before it was advertised for leasing.
"Here we are today ... very close to opening," Hult told Los Gatos Patch recently in the parking lot of the new restaurant, while workers were gutting the inside to completely transform the space.
"We're doing everything [to the space]," he said. "Let's just say people will be shocked when they see what we've accomplished in one month."
The food will be priced "reasonably" in the $30 range, Hult said, adding that he hopes "to build a bridge" between fine dining and average people who go out to eat.