Spin in 2007. Photo by Marlin Levison.

The owners of Karma and Epic announced today that they have officially taken over the Spin nightclub space in the Lumber Exchange building (10 S. 5th St., in downtown Minneapolis). They will begin renovating the two-level club immediately.

The new name is Pearl Night Club & Ultra Lounge. In a press release, Epic's booker Beecher Vaillancourt said the new venue will be a "high-bred restaurant, euro lounge and nightclub concept all under one roof."

Like Karma and Epic, Pearl is expected to be owned and operated by John Barlow and Ned Abdul (who owns the building).

The once mighty Spin closed in early March. The dance club opened in 2004, helping usher in a new era of VIP bottle service (which has dwindled in recent years).

Stay tuned for more details.