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.”

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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.