After a near-50-year run serving cheap drinks to devoted neighborhood regulars, beloved dive bar Two Way Lounge's time is up in Logan Square. The men behind Furious Spoon, the burgeoning ramen chain that moved in next door earlier this year, are officially taking over—to open their version of a no-frills bar, Deadbolt, and have tapped one of Chicago's buzziest bartenders to handle the drinks.

Following months of rumors, Two Way's last day in business finally happened this past Sunday. Furious Spoon ownership, who had been working on the deal for months, says in a statement that owner Glenn Miller decided to sell after the passing of one of the bar's longtime regulars.

As far as the new concept, the new ownership says Deadbolt won't veer far from the neighborhood dive it's replacing. Expect a "great, comfortable bar" with cocktails by Moneygun's Dustin Drankiewicz that "won't reinvent the wheel." Those who have visited Moneygun—perhaps the hottest new bar this year—know that its stock in trade is a low-key, comfortable, affordable spot helmed by top bartending talent that serves standout renditions of classic cocktails.

Inside, ownership promises that the space won't be gutted, but "touched up and modernized" in order to "leave the integrity of Two Way there." Also expect Deadbolt to serve "bar food classics," courtesy of chef Shin Thompson, and also reinstate Two Way's classic bandstand to hold pop-up live music performances. Deadbolt, whose name "is a strong nod to the beginning and ending of nightly service," is slated to open in winter.

Meanwhile, patrons are mourning the passing of Two Way, DNAinfo reports, which is the latest in a long line of longtime Chicago dive bars passing away in the area. That list includes Beachwood Inn, Club Foot, and Marie's Rip Tide Lounge. However, a trend has emerged of new owners preserving, updating and paying homage to Chicago dive bar culture, in projects such as Sportsman's Club, EZ Inn and Best Intentions. Will Deadbolt be one of them? Stay tuned.