Kildare's Irish Pub at 538 E. College Ave. announced Friday that it has permanently closed.

The property was sold in 2015 by owner Jeff Haas to Chicago-based real estate development firm CA Ventures for $7.5 million. CA Venutres is the parent company of CA Student Living, which plans to build a 12-story mixed-use commercial and residential building on the property, which also includes 532 E. College Ave.

The bar and restaurant location will be demolished. Management had previously expected to remain open through most of this year. Kildare's, which also has locations in Scranton and Manayunk in northwestern Philadelphia, opened the State College location previously occupied by Hooter's in August 2010.

"Unfortunately, due to construction beginning, we have had to close earlier than expected effective immediately so demolition can begin on our building," a statement on Kildare's Facebook page read. "We have loved being here with you for the last 5.5 years, Penn State. You are an amazing group of charitable, smart and incredibly fun people and we are grateful to have served you."

State College Borough Council approved a conditional use permit for the development in December.

The first two floors of the expected 140-foot building, which is currently called The Rise, will be for commercial use and front East College Avenue and High Street, according to the conditional use request. The request also anticipated that the first two floors of rental housing will be professional and graduate student units with the remaining floors for undergraduate students. Plans call for underground parking with entrances and exits on Calder Way.