As has been rumored, the owner’s of the classic Mission neighborhood bar, the Elbo Room, confirmed that the lease for their two-story building on Valencia Street ends on November 1 and their landlords prefer to build a new condominium project.

According to SF Gate, the proposed plans for remodeling the Elbo Room are to convert the building into a five-story, nine unit condominium. The building’s owners, Dennis and Susan Ring, have decided not renew the bar’s lease and instead, pursue the proposed condo project. The Rings have previously expressed their desire to have a place where they can safely retire.

Elbo Room owners Matt Shapiro and Erik Cantu claimed to be shocked by the news, despite plenty of discussions last year. This news was originally shared during a community meeting last November. Not one to give up, Shapiro posted an official statement on the Elbo Room Facebook account, writing, “What’s next? We will be looking for a new space to continue what we are doing. With hopefully as little lapse as possible.”