Late-night live-music institution Jacksons on George closed on Sunday to make way for a three-level gastropub and rooftop bar owned by commercial developer Lendlease.

This is the latest live-music venue in Sydney to shut, following last April’s closure of Newtown Social Club, replaced with mini-golf bar Holey Moley.

Jacksons on George, which was previously leased by Gallagher Hotels and opened in 1986, will be replaced by a futuristic new design from local architecture firm Stewart Hollenstein. While the ceramic tiles on the new wrap-around façade are inspired by classic Australian pub tiles, any resemblance to its former “dive bar” days ends there – it’ll be modern and slick, and look a bit like a spaceship.

Demolition will begin in the next 30 days, and a development application (DA), which outlines the new plans, is under assessment by the Central Sydney Planning Committee.

It’s part of a broader redevelopment of the site, which will include a commercial building, a community space, retail-lined laneways and two 55-storey public plazas facing Pitt Street and George Street.

Mark Menhinnit, the managing director behind the new precinct, is on a mission to reinvent spaces in the CBD. “Our ambition for this project is to create a place that workers, visitors and the surrounding community love,” he said in an official statement. “We want to create a place that people are drawn to – from retail-lined laneways and public plazas to a landmark tower worthy of its prime location.”

Demolition of the Jacksons on George building at 174–176A George Street is expected to commence in the coming month. The plazas are slated for completion in 2021.