The Industry Bar & Grill, a popular dining option in Adams Village, will serve its last cocktail and crab cakes on Thursday (Dec. 28). The 151-seat eatery and bar, which opened to much acclaim in July 2017, has been sold to a new owner, who will renovate the space at 750 Adams St. and transform it into a Mexican-themed eatery, Chubbs Taco & Tequila Bar.

The new proprietor is Julian Bolger, who also owns Lucy’s American Tavern, another Adams Corner favorite. Bolger’s Maverick Hospitality group also owns several other eateries, including The Bowery in Lower Mills. The sale and liquor license transfer were finalized and approved earlier this month, according to David Arrowsmith, the man who built out and owned The Industry for the last six years.

“The village has been good to us,” Arrowsmith told the Reporter this week. “But we are excited for this new concept for the village and we know we’re turning the keys over to the right people. It will be a raging success in 2024.”

It’s a bittersweet moment for Arrowsmith, an Irish-born entrepreneur who also runs the successful Dorchester-based Capital Construction and Exterior Solutions by Capital. When he and his partner, Martin Davis, first bought the old Sonny’s space in 2016, they envisioned a unique, more upscale dining experience — and delivered. The dining room, with its signature red-leather booths and room-length bar, was a major upgrade, and Davis, who brought extensive experience as a restaurant manager, planned out a terrific American comfort food menu that filled a much needed niche in the neighborhood.

The Industry drew couples with champagne tastes for brunch and date nights, and it was a hit with families, too, with a can’t-be-beat $5 kids menu option in the early days. But a tragic curve ball swerved into the works at that time, too. “Originally, when Marty and I started out, I was to build it and Marty was to run The Industry. But then Marty passed away very soon after, really a couple of months after we opened,” lamented Arrowsmith.

Devastated by the loss of their friend, Arrowmsmith and his wife Donna nevertheless gamely stepped into the void and ran it for six years at the expense of personal time and weekends.

“We enjoyed every minute of it,” David said on Tuesday. “I love Adams Village and our patrons and neighbors. Everyone here has been so fantastic. We have only one regret, that Marty would have been still with us.”

The Arrowsmiths, who welcomed a son who is now two years-old, look forward to getting back some down time and patronizing the new spot when it comes online.

“I spend 95 percent of my time on the Capital businesses, so I wasn’t able to give The Industry to love that it needed,” said Arrowsmith.

“I knew it was going into the right hands.”

The Industry planned to serve its full menu right through the end of the night on Wednesday and take the opportunity to bid a proper farewell and thank you to its many fans.

Shawn Ahern, the Chief Operating Officer for Maverick Hospitality, said that renovations will start soon.

“We will begin renovations right after the New Year with an opening in Spring 2024. The concept will be driven around creating a fun, energetic and funky neighborhood taqueria that seamlessly blends our scratch kitchen and bar programs with a warm and welcoming atmosphere and vibe,” said Ahern.