A tentative deal has been reached to sell The Granada, a downtown bar and dance club, and the business will close for an unspecified period of time beginning early next month.

Mike Elwell, a partial owner of The Granada building, confirmed Thursday he had reached a deal to buy out the ownership interest of Granada operator Brett Mosiman.

The bar, at 1020 Mass., will close Aug. 4 for renovations. Elwell said he wasn’t sure when it would reopen. He said an Aug. 9 concert featuring Calling, for which tickets already have gone on sale, will go on as scheduled.

Elwell, who also owns Abe & Jake’s Landing in downtown, declined to say what plans he has for The Granada, or whether it would continue to be used as a bar and nightclub.

The building, which was a movie theater until 1989, is unique in downtown. It is one of about 10 buildings that are exempt from the city’s downtown liquor regulations requiring any business selling alcohol to make at least 55 percent of its sales in food. The Granada building is exempt from the regulations, which were designed to stop the proliferation of bars in the downtown area. It is exempt because the building already housed a bar operation at the time the ordinance was passed in 1994. According to city code, The Granada would lose its exemption if it is closed for six months or more.

Attempts to reach Mosiman, who also is the operator of the Bottleneck and a Lawrence booking agency for musical acts, were unsuccessful.