Joseph and Nabil Sater, who run the music venue, have purchased the building from their former landlord.
The Central Square institution (which hosted sets from Robert Hood, Jackmaster and Gaslamp Killer this year) will stay open, The Boston Globe reports, because its owners were successfully able to purchase the building that houses it from its former landlords, the DuPont family.
Earlier this year, Boston-area news sources reported that the business (which houses two live music venues, a dance club and a restaurant) was in danger of closing if they couldn't come up with the $7 million needed to buy the complex—an issue that arose with the recent death of the previous landlord. "As you may have heard... we have purchased the building which we have called our home for many years," owners Joseph and Nabil Sater wrote in a public statement released this week. "Please take a bow yourselves, as we could not have done it without the undying support of the music and arts community, not only in Central Square, but the world."
In order to offset the cost of the purchase, the Sater brothers even proposed adding four or five floors of luxury condos atop the club, though at this point they say the future of the business is secure even without those additions. "The intention now is just to leave everything as is," Joseph Sater told Resident Advisor on Tuesday, "because we would have to close the restaurant for a period of a year or two years in order to do that. For now everything will stay the same."