Atlanta's most lovably ragged music venue, the Masquerade, will soon be closed and redeveloped into a residential-anchored mixed-use development.

A longtime holdout in a neighborhood changed dramatically by the Beltline and projects like Ponce City Market, the venue and the land it sits on is just too valuable to remain as is, developers have decided. While plans have been rumored for years, Atlanta magazine reported Friday that work will now begin on the project. As in, today.

Billed as North + Line, the $60-million project will bring a five-story residential building to the southern end of the site (nearest the Eastside Trail Gateway) and three stories of parking, while preserving the historic stone building which currently houses the music venue. The building, which started life as the Excelsior Mill in the late-1800s or early 1900s, will be repurposed into the "Mill Marketplace," featuring restaurants and shops, the magazine reports.

Work will commence in the next few weeks with the demolition of non-historic structures on the site, officials said. From there, stabilization, site work, and construction of the new parking deck will carry the project into summer 2017. The timeline should allow the Masquerade to find a new space to accommodate shows.

Developer SWH Residential Partners purchased the 3.3-acre site last year for $5.3 million. Designed by Smith Dalia, the project will echo the modern lines of many recently completed projects in the city. Rent in the expected 228 units is anticipated to be comparable to the Flats at Ponce City Market, developers told the magazine.

The Masquerade team, which has been reticent to discuss the situation, doesn't exactly sound bitter.