History is being made — quite literally — in the City of Toronto right now as Drake and Live Nation announce the impending launch of a new 2,500-seat concert venue in The Beaches.

And I do mean literally: The actual name of the venue is "History," and it's currently under construction at 1663 Queen Street East with an expected launch date of "later this year."

Live Nation Canada announced the news Tuesday morning, revealing that the new live entertainment facility would host about 200 events per year.

Larger than your average club but way smaller than a stadium, History will provide a space for major artists who want to give fans a more intimate, up-close experience.

A rendering of History's interior provided by Live Nation. The concert and event venue will have a capacity of 2,500. Image via Live Nation.

"Some of my most memorable shows were playing smaller rooms like History," said Drake said in a statement released Tuesday morning. "I wanted to take those memories and what I learned to create an incredible experience for both the artists and the fans."

We've known for years now that Live Nation has been transforming the old Champions Greenwood offtrack betting outlet into some sort of entertainment venue, but the involvement of Drizzy was firmly under wraps prior to this morning.

"We saw an opportunity to bring Toronto a great new venue, and we have so much gratitude and respect for Drake teaming up with us to bring it to life in the best way possible," said Live Nation CEO Michael Rapino in a release announcing the award-winning rapper's latest collaboration.

JUST IN: Live Nation Canada is introducing #HistoryToronto, a new live entertainment venue, opening its doors later this year. In collaboration with Canadian icon @Drake, the Toronto venue plans to host 200 events annually!

Follow the venue on all socials, @HistoryToronto. pic.twitter.com/nSNGsRG5J2

— Live Nation Ontario (@LiveNationON) June 8, 2021

According to the global entertainment company, History will be highly configurable — able to host both general admission and reserved-seating shows, as well as galas, community programs and other events.

Construction is expected to be completed later this summer and, according to the venue's newly-launched Twitter account, announcements for specific upcoming shows will be revealed soon.

"History is posed to be an anchor of the community, delivering music and culture while also driving economic activity and creating numerous employment opportunities," writes Live Nation.

Those looking for jobs should keep an eye on the venue's social feeds: According to the Live Nation, "additional details and career opportunities" will be announced throughout the coming weeks and months.