You started well, because you have the business idea. It will help you enormously to think about the concept of your place.
How do you choose the location? I will say: it depends. “What’s your budget?”, “What kind of audience do you address to?”, “Bar, restaurant, pastry? … What kind of business will it be?”, “Is it the first business or not?”, this kind of questions you need to have it in mind, because they will give you some essential answers.
Write them, see the options, take advice from your closest friends and / or your business partners, be meticulous and seek to cover the widest possible range of situations you can face in order not to be surprised. Pay attention to the smallest details.
One more thing to say. The market is full of “x” concepts and places, some highly appreciated and interesting, others, just to be there, with nothing special to offer.
What do you want from this space? Firstly, it has to be a place that you love, and for sure it will be a nice place for your public too. It has to excite you, to be thrilling, to tell you a story. What does it say? What does this place bring new? How does it attract you?
Think about all of these!