The rumours that a Toronto bar that's been around since the 1990s will soon be permanently closing to make way for condos have been confirmed.

Betty's on King was opened around 30 years ago, but they've now confirmed with blogTO they'll soon be permanently closing.

The cheery neighbourhood dive is known for its kitschy interior, hidden gem of a back patio and crowd-friendly pub grub. It's been a hangout for George Brown students to grab draft beers.

"The building has been sold," a representative for Betty's tells blogTO.

"The whole strip has been sold to a developer and in its place will be a condo," another representative for Betty's tells blogTO.

The condo has previously been reported as being slated to reach 40 storeys, with Emblem Developments, which is behind the tower slated for 234-250 King Street East and 162 Princess Street, seeking rezoning of the block between Sherbourne and Princess Streets.

The mixed-use building has been projected to include nearly 500 residential units, three underground parking levels and 6,500 square feet of retail space on the ground floor. Portions of the low-rise strip dating back to the 1800s will be wiped out by the development.

While it's not walking distance for George Brown students, Betty's will be survived by its newer Betty's East location in Leslieville, which was formerly home to The Burren.

"Betty's East in Leslieville will remain open to carry the torch," says the first rep.

The last day for Betty's on King will be December 24.