Joe Gransden’s Jazz Jam plays weekly at Venkman’s. (File/Isadora Pennington)

After a seven-year run in the rapidly changing Old Fourth Ward, Venkman’s is set to close Nov. 28, according to a report in the Atlanta Journal-Constitution.

Nick Niaspodziani, co-owner of the bar and live music venue, told the AJC that Venkman’s building at 740 Ralph McGill Blvd. is now owned by Atlanta developer New City. The developer is planning a new project for the property located near the Atlanta BeltLine’s Eastside Trail. A revamped Venkman’s is planned to be part of the project, he said.

“We’re working with New City to create a spot that’s truly next level,” Niaspodziani told the AJC.

Niespodziani, lead singer of the Yacht Rock Revue, a popular 70s and 80s cover band, opened Venkman’s in 2015 with Peter Olson, bassist for the band. The 740 Ralph McGill Blvd. building was once a NuGrape Soda Factory.

The closing of Venkman’s is another sign of local businesses being impacted by new development along the Atlanta BeltLine. The Beltline, considered the city’s “beachfront property,” has spurred more than $8 billion in private development.

New City is known for the 12-story 725 Ponce office building adjacent to Ponce City Market on the Eastside Trail. The 725 Ponce project included tearing down “Murder Kroger” and replacing it with a new Kroger. Cost of the project was roughly $200 million.

New City is also the developer behind the massive mixed-use project known as Fourth Ward that is now rising adjacent to the Historic Fourth Ward Park and Eastside Trail. Cost of this project is estimated at $750 million.

Recently, Portman Holdings unveiled preliminary plans to build two office towers and hundreds of apartments across the street from 725 Ponce, at the intersection of Ponce de Leon Avenue and Ponce de Leon Place. A portion of this site is adjacent to the Eastside Trail.

Portrman’s new project would mean razing longtime local businesses including The Bookhouse Pub and MJQ Concourse. The owners of MJQ Concourse, who also own The Bookhouse Pub, are planning to open the popular nightclub in a different location, but have not said where.

Dyana Bagby

Dyana Bagby is a staff writer for Reporter Newspapers and Atlanta Intown.