Last June we broke the news that, after 18 years, the Cadillac Lounge was “winding down.” It seemed like the loss of yet another music venue, but there’s good news for roots, rock and blues in Parkdale: the Cadillac might be closing, but we’re not losing a venue.

Though April 29 is being billed as the Last Ride of the Cadillac Lounge – which includes performances by Sin City Boys and the Wayward Angels, the first band to play the bar 18 years ago – it will only close for a few days before re-opening under a new name. The trademark pink Cadillac will be gone, but that’s about all that’s changing for now.

Sam Grosso, who owned the building as well as the bar, has sold to a group of four partners led by general manager Neil Brown, who comes from the fine restaurant world – Cultura, Nyood and most notably Jacob’s, where he worked for 8 years. Brown says he aims to bring his hospitality focus to the bar, though doesn’t intend to turn it into a fine dining establishment. The bar is still unnamed while they seek to incorporate.

Grosso had offers from other developers, many of whom saw the value in the prime Parkdale space, but he held out until he found someone who would maintain the space as a bar and live music venue.

Grosso will continue to tend bar on weekends and help out with booking, which will maintain the flavour of the Cadillac, at least at first. Brown says he’s open to expanding and bringing in younger talent and audiences, ideally while retaining the regulars.

“It’s an amazing live music venue, and we’re not looking to change that,” says Brown. “But also, I know there’s a lot of bands starting out in the city who would love to have a stage.”

The music will be recognizable to Cadillac regulars, but he says he’s “closing no doors.”

As for Grosso, he’s selling his bar, but not getting out of the music game. He’s starting a booking company called Cadillac Lounge Productions and will book occasional shows at other venues, like Revival, along with venues in Belleville and Picton, where he lives during the week.

“Some guys turn 50 and buy a bar,” he says. “I turn 50 and sell one.”

richardt@nowtoronto.com | @trapunski