ST. CLOUD - We now know a little more information about what's going to happen with the former Ace Bar and Grill location in east St. Cloud.

Bob Abel owns RCA Companies, a real estate investment company, in east St. Cloud. He says he officially closed on the property Monday.

Abel says he's negotiating with three different restaurant groups, all based in the Minneapolis area, to lease the building and re-open it as a bar and restaurant. Abel says he's hoping to get a final lease negotiated in the next week to 10-days.  They will then have to apply for a liquor license. And, they plan to do some remodeling. Abel says he's hoping to have the restaurant open again sometime after the first of the year.

Abel says he planning to keep the entire parking lot behind the building for parking for the new restaurant.

Abel also owns Eastgate properties in east St. Cloud.

The Ace Bar and Grill announced last month that they were closing, after 80 years in business.  Brad Thompson says he owned the business for nearly 12 years.  He says he wants to thank this loyal customers over the years, and he says he's looking forward to retirement.