The owner of Flanagan’s Restaurant & Lounge on Ingersoll Avenue will soon open a music venue in the East Village.

Tim Flanagan, managing partner of Club 504 Inc., said he and a number of silent investors will begin operating at 504 E. Locust St., about a block west of the Capitol complex, around Jan. 1.

The company, which plans to hire a staff of about 15 or 20 people, will book national and local bands to play in the 7,000-square-foot space. Flanagan said the partners have at least one lead on a promotional manager.

“One of the promoters of Blues on Grand has approached us about promoting music at the 504,” he said.

The building, which is owned by Teachout Properties LLC, once housed a Woolworth’s store. The property’s most recent tenant, The Downtown Church, relocated last summer to 332 E. Locust St.

Flanagan said Club 504, which has a 45-foot bar and can accommodate around 700 people, plans to attract national bands that pass through Des Moines on their way to play larger venues in cities such as Chicago or Omaha. He likened Club 504 to a smaller version of the Val Air Ballroom in West Des Moines.

“We can get them a little cheaper on an off day,” he said.

Club 504 has signed a five-year lease on the space with an option to renew, Flanagan said, adding that the landlord footed more than half of the approximately $100,000 cost to remodel it. He said the investors also plan to install a $150,000 sound system.

“One of things we found is that you don’t get a generic sound system,” he said.

Flanagan, who has 40 years of experience in the bar business, said his partners offered him a stake in the joint venture if he agreed to manage the bar. “They wanted to do the entertainment part,” he said. “We’re going to try to attract some decent-sized acts in there.”

Club 504 will admit only those 21 and over, and no food will be served, Flanagan said. The company does, however, plan to rent out its space for events such as wedding receptions, homecoming dances and reunions.

“They came to me because I’ve been doing Flanagan’s for 25 years,” Flanagan said.