Miami-based 323 E Bay Street RE LLC. group recently acquired 323 East Bay Street from Insetta Family Properties LLC. for $1.4 million. Including investors affiliated with Club Space Miami, Floyd Miami and The Ground Miami live music and club venues in South Florida, the buyer plans to convert the 117 year old structure into a live music venue tentatively called Project 323.

Designed by JAA Architecture, the three story concert venue will include a new 2,250 square foot rooftop bar. The first floor will include a main floor area with a stage and bar. An area with lounge seating, a smaller bar, exterior patio and restrooms will be located on the second floor. A roof lounge and bar will serve as the third level while the building’s basement will become space for storage, service, electrical and office uses.