Published: Aug 01, 2014 4:18 PM EDT
Updated: Aug 01, 2014 6:08 PM EDT

FORT MYERS BEACH, Fla.- A popular bar on Fort Myers Beach has closed it's doors after 40 years. Top O' Mast now has a new owner, the deal sealed just this morning.

"I think the whole establishment is going to change."

"Shocked because the owner, well, we never thought he would sell."

A Fort Myers Beach staple is no more. After serving the town for over 40 years, Top O' Mast has been sold.

"I'm a little shocked because I had no idea."

The beach front bar located at Times Square will undergo change, but the new owner, Joe Orlandini, says the staff will keep their jobs, good news for some, who were blind-sided by the sale.

"The folks that work there are just amazing and every time I've gone in they have been nothing but kind."

Orlandini says he can't tell WINK News the new name of the place, but says it will be more restaurant, than bar. He wants to attract family's who come to the beach.

"I think that's very exciting because there are so many bars on the beach and there is nothing for the families to do around here," said Aida Nieves.

And no need to pull out your wallet and fork out some cash to eat , parking for patrons will be free.

"The businesses we need are more family oriented."

But, this bar once called Top O' Mast, held some pretty fond memories for Elise Lathier that go back 20 years.

"I was there will my family, we had a blast, we had an absolute blast, we all had rum runners, it was the time of our life."

Now, the outside of the bar has signs saying to contact Orlandini with questions. He tells WINK News he hopes the new concept is received well by the public.

"Of course I'm going to see what it's like, without a doubt I'll see what it's like," said Lathier.

The renovations are expected to be done by December 1st. It is important to note, the parking lot is still open and you can still rent beach chairs on the beachside of the building.  The inside is closed for now, but will open soon with a limited drink menu.