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Independent music venue Antone’s has been guaranteed another 50 years in downtown Austin.

On Monday (Nov. 10), the club’s owners announced they had signed a 50-year lease for the venue’s current location on East 5th Street, which will see the iconic space through to its 100th anniversary in 2075.

The Antone’s brand has been in several locations throughout its history, with its most recent ownership group landing on a former glass depot on the busy East 5th Street. The venue’s current edition, which opened on New Year’s Eve 2015, includes the 400-capacity concert hall, a record shop called Big Henry’s and an event space on its upper floor. The long-term lease includes all three spaces, while the event space and bar will be transformed into an Antone’s museum.

This summer, the venue, which originally opened in 1975, celebrated its 50th anniversary with a commemorative merch collection, a touring show and an anniversary box set that included live recordings from the blues club’s history.

“We’ve got to use this milestone and the achievement of the 50th to switch from surviving to thriving,” Antone’s co-owner Will Bridges tells Billboard. “It’s crazy to think that Antone’s would have a 100th anniversary and by having that long of a term, to just be able to think and plan long term.”

When Antone’s took over its current space, the owners signed a 10-year lease with two five-year options, with Bridges noting the landlord has been nothing but supportive of the venue. However, the ownership group saw an opportunity to receive a grant from the local Iconic Venue Fund if Antone’s had a secure position in the city, such as land ownership or a long-term lease agreement. Other Austin venues that have benefited from the fund include Hole in the Wall and Empire Control Room & Garage.

Thanks to the 50-year lease, Antone’s has been selected to receive a $1.3 million investment from Rally Austin (home to the Austin Cultural Trust that controls the Iconic Venue Fund) to create a museum called Antone’s “World Famous” Museum of the Blues. The museum, which will be housed permanently on Antone’s upper level beginning in 2027, will celebrate Austin’s blues heritage and foster educational and community programming. It will donate a portion of its proceeds to the city’s Rally for Live Music Fund.

On Monday (Nov. 10), Antone’s will also launch the Antone’s Forever Fund as part of the Clifford Antone Foundation, to ensure the museum’s educational, cultural and community initiatives are continually advancing.

The museum will be open both during the day and in the evenings, providing additional revenue to support the venue and the Clifford Antone Foundation. The Iconic Venue Fund grant also includes a five-year operating stipend to help grow museum operations.

Given the response to the Antone’s 50th All Stars shows in Los Angeles, New York and Nashville, Antone’s creative and musical director Zach Ernst believes these new developments will help cement the venue’s legacy.

“All this extra activity we did this year under the banner of the 50th really reminded us how important Antone’s is outside of Austin,” Ernst tells Billboard. “We really do deserve this kind of [support] as an institution. It’s hard for worker bees like me and Will to think that way. But it is all thanks to Clifford Antone and his vision back in ‘75.”