The Phoenix Concert Theatre has announced it will close its doors after 33 years in business early next year.

The popular spot for local indie and underground alternative acts at 410 Sherbourne Street has confirmed that it will shutter on January 15, 2025 in advance of a redevelopment scheduled to begin next year.

A redevelopment was first tabled for the site in late 2021, leaving the future of The Phoenix uncertain. However, Wednesday's announcement from the venue's management comes with some hope for the beloved venue, with a confirmation that work is underway to secure a new downtown location in conjunction with the City of Toronto.

Here's what could replace the iconic Phoenix Concert Theatre in Toronto https://t.co/xp6M31uzcv #Toronto #TorontoRealEstate #RealEstate

— theGentries (@theGentries) November 18, 2021

According to the venue's management, "the Phoenix's owners are determining suitable options for a new downtown home for the venue, working with City Councillor Chris Moise and others at City Hall, as well as external partners."

While there is hope for a future Phoenix, the venue's co-owner and president calls the current theatre "the grand dame of venues in Toronto."

"We are sad to see her go, but are also excited to turn our focus to writing the next chapter in our new home."

Since first opening in 1991, the Phoenix has welcomed appearances by The Rolling Stones, Bob Dylan, The Ramones, Foo Fighters, Rage Against The Machine, The Roots, Rush, The Tragically Hip, Billie Eilish, Post Malone, and many more top-billing artists.

As part of its farewell celebrations, the venue plans to host many of the artists who have played the space over the years.