A prime piece of commercial real estate that has long sat empty in the heart of downtown Toronto is finally getting a new life after plans for an Iron Chef restaurant in the location fell through years ago.

Located at the base of the towering Theatre Park condo at 224 King Street West, the whopping 7,000-square-foot, multi-floor space was set to be home to the first Canadian restaurant from Japanese Iron Chef Masaharu Morimoto.

But, the famed cook backed out of the project before the building's eventual completion in 2015 due to construction delays, and partner INK Entertainment's idea to take things in a different direction without him likewise flopped.

The space would ultimately sit vacant for the better part of a decade.

Now, wine club Vintage Conservatory is taking reservations at the address, and has a new King Street location listed as "coming soon" on its website after shuttering its original spot on Lombard Street — which existed along with a Yorkville outpost — in the fall.

The brand advertises itself as a "private members' club for wine enthusiasts," that offers a "secure, welcoming and controlled setting for like-minded individuals to share their passion for wine, wine education and renowned private dining."

Members can also safely store their personal vino collections on-site.

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"It's sad to admit the day has finally come where we have to say our final goodbye to our Lombard location," founder Costa Patiniotis said in a video posted to VC's Instagram account in November, adding in the caption that the team "looks forward to our new location in the theatre district, 224 King St. West."

Patiniotis confirmed to blogTO on Monday that VC has already occupied the space — which they actually purchased to secure instead of leasing — soft launching in the fall ahead of their proper debut, expected sometime in March.

"We're working on finalising finishing touches," he said, noting that they've added 4,000 square feet to the already massive floorplan with a new patio, as well as an area for private events on a fourth floor.

The venue also has two sprawling lounges in which members can network, share wine knowledge and enjoy sophisticated dishes crafted by the club's own chefs.

Designed with 20-foot ceilings and a full wall of glass windows fronting onto King, the new home of VC sits on a former parking lot in the Entertainment District next to the Royal Alexandra Theatre, right across from Roy Thomson Hall and David Pecaut Square.

It is one of a few coveted, high-profile spaces in the city that were somehow without business for years, some of which are finally being occupied while others are slated for demolition.