BRICKELL (CBSMiami) – Miami’s oldest bar may be making its last call in a few years.

Tobacco Road will celebrate its 100th anniversary in November, but a spokesperson for the bar confirmed Thursday that the block the bar sits on has been purchased.

Tobacco Road bartender Laura Hirata told CBS4 news partner The Miami Herald she was authorized by the owners to confirm that the bar had a three-year lease with the new owners.

An investment group bought the Tobacco Road site and the surrounding property including the River Oyster Bar and the adjacent parking lot in April for over $12 million, said Fortune International broker Fabio Faerman.

“My client bought the property because it’s a very good location and they think it’s a good price,” Faerman told the Herald.

Nothing has yet been proposed for the block, but all the businesses there may be cleared away for a development.

In the short term, Tobacco Road has made arrangements to stay put while they figure out what to do.

“We’re going to be open for at least three years with the possibility of more,” Hirata told the Herald. “At the current time there are no changes. This year for our 100th anniversary in November we plan to make it the best we’ve ever had.”