As Toronto continues to lose popular music clubs (The Silver Dollar, Hoxton, Soybomb to name a few) one venue owner is taking steps to ensure his spot not only survives, but thrives.

Michael Wekerle, new-ish owner of El Mocambo, and also a financier, tech entrepreneur, and cast member of CBC’s Dragons’ Den is partnering with INK Entertainment to take over operations of the legendary Toronto venue.

Charles Khabouth and his team, the same folks behind Rebel Nightclub, Cube, Uniun, the Veld Music Fest and restaurants like Byblos, Patria and Figo will manage the El Mo. This is the first real sign of life since its closure announcement in 2014.

The reinvigorated club is set to reopen in Summer of 2017 as a "state-of-the-art live music venue, event space, and recording and production facility, offering great music, food, beverages and merchandise, as well as live streaming capabilities for shows and events," according to a press release.

The recording studio and production part of the revamped venue is being overseen by producer and sound engineer Eddie Kramer, who is the same man that recorded the Rolling Stones during their infamous show at the club in 1977.