Legendary rock club El Mocambo up for saleThe Spadina Ave. landmark is on the market for $3.95 million and could be redeveloped for residential or retail use.
REGAN FILE PHOTO
Mick Jagger takes the mic as the Rolling Stones headline a history-making concert at El Mocambo on Mar. 4, 1977.By: Joel Eastwood Staff Reporter, Published on Fri Mar 07 2014
One of Toronto’s most hallowed music venues is up for sale — again — and could potentially be redeveloped for residential or retail use.
The Rolling Stones, U2, Elvis Costello, the Ramones and Blondie are among the legendary acts to grace the stage of El Mocambo at 464 Spadina Ave., now listed with a price tag of $3.95 million.
But there’s no guarantee the landmark building, which first opened in the mid-1940s with its illuminated palm-tree sign, will remain a live music hotspot.
“I’d love to keep it as a music venue, but I think there’s other options for it as well,” said real estate agent Neil Warshafsky, a broker with Royal LePage.
Warshafsky said the building is zoned for a higher density, so the open-air rooftop deck on the third floor could be covered and turned into a full floor. A fourth storey could potentially be added, to serve as residential units for students given the property’s proximity to the University of Toronto.
The ground floor could be overhauled for retail or restaurant space, or even a fitness club, Warshafsky said.
That’s a horrifying prospect for music lovers who fondly remember the club’s heyday.
“Thinking of it becoming something else is pretty stomach-churning,” said Yvonne Matsell, who booked acts at the rock club for 11 years.
“I’m sad. I’m very sad. It saw some wonderful shows, and people all have El Mocambo stories.”
One of the most famous of those stories involves Margaret Trudeau, the wife of then-prime minister Pierre Trudeau, who was spotted at a Rolling Stones show at the El Mo in 1977.
It’s been a rocky history for the iconic neon palm tree ever since.
The building changed hands several times, and was last purchased in 2012 by Sam Grosso, the owner of the Cadillac Lounge, and Marco Petrucci, the owner of 99 Sudbury, for $2.95 million.
At the time, the partners promised to restore the venue to its rock ’n’ roll roots.
Matsell said she’d love to see the future owner invest the time and money to bring the venue back to its former glory.
“Give it the love and attention it needs and turn it back into a live music venue that people would be happy to go to,” she said.
http://www.thestar.com/entertainment/music/2014/03/07/legendary_rock_club_el_moc...
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