The El Mocambo might remain a music venue after all

The El Mocambo might be saved from redevelopment and continue as a live music venue, according to a report in the National Post. A new buyer has entered the picture at the very last minute, one who is apparently interested in continuing the legacy of the iconic venue.

While the identity of the rescue-buyer has not been revealed, the real estate broker for the current owners suggests it's "someone people will know." Mick Jagger? The Stones sure do love Toronto... Lee's Palace owner Jeff Cohen? It's anybody's guess right now.

The venue is still slated to close -- at least temporarily -- after tonight's show. According to the Post, the new buyer has presently submitted a deposit cheque for the building, which means that the deal isn't officially closed. As such, the exact future of the venue is still up in the air, but fans of this city's music history can breathe a little easier knowing that the gears are in motion to preserve one of our most storied stages.

It won't be easy to make the El Mocambo a successful music business when it reopens. Current owners Sam Grosso and Marco Petrucci tried to keep a steady stream of bookings, but for all the apparent nostalgia, the interest just wasn't there. Perhaps a new owner can foster some appeal that goes beyond the sign outside the venue.

Photo by lori whelan in the blogTO Flickr pool.

by Derek Flack via blogTO