The future is set for the Tower Theater with a deal announced Wednesday that will turn it into a live music venue with a chance for bringing movies to its big screen.

The 15-year lease with Levelland Productions also includes the opening of a two-story upscale cocktail bar to the east of the auditorium that will be named the “Savings and Loan” in tribute to Beneficial Loans, a long-time former tenant of the space.

Scott Marsh, chief operating officer for Levelland, said the theater and bar should be open by next fall.

“We’re in the midst of working on everything now with design, the green rooms and other work,” Marsh said. “We want to do multiple things with the venue. We’re working with state and local law enforcement agencies to see if we can show movies while serving alcohol, beverages and snacks.