The Centre of Gravity circus academy in Little India is about to close, but the historic building that housed it will live on in the form of a new community arts hub.

Located at 1300 Gerrard St. E, the original vaudeville theatre has been the source of much speculation in recent months after rumours started swirling that it was sold to condo developers or leased out to a corporate chain.

Area residents Robert Indrigo and partner Maria Karam confirmed late last week that they were assuming sole ownership of the property.

They plan to "start afresh" with the space, according to Inside Toronto, but with the goal of creating an arts hub for the community.

"What we’re coming out with next is going to be incredible," said Karam. "Our goal is to foster a community of physical arts and we're trying to do it without a corporate tenant."

The historic building, built in 1914 as a vaudeville theatre, had been occupied by Circus of Gravity since 1998. Circus of Gravity will close at the end of 2017.