Published Mar 10, 2014Toronto music venue El Mocambo has gone up for sale again, with the possibility of redeveloping the property for residential or retail use leaving the future of the long-running concert spot up in the air.
The venue, situated at 464 Spadina Ave., is currently listed on the market at $3.95 million, with real estate agents suggesting that while the space could remain a concert spot, it could be converted for other uses.
"I'd love to keep it as a music venue, but I think there's other options for it as well," Royal LePage agent Neil Warshafsky told the Toronto Star.
Warshafsky suggested that the spot's current open-air roof deck on the third floor could be covered or that a fourth storey could be added to the building. He noted the building could be used as student housing for the University of Toronto or the ground floor converted into a restaurant space, though clearly this would be up to the next owners.
Over the years, El Mocambo hosted feted acts like the Rolling Stones, who played there in 1977, as well as U2, Lou Reed, the Ramones, Stevie Ray Vaughan, Elvis Costello and more. The venue last changed hands back in 2012, when Sam Grosso and Marco Petrucci purchased the club for $2.95 million. At the time, the owners discussed making upgrades to the venue.
You can see the upcoming concert schedule for El Mocambo over here.