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It was a Rio Grande Valley legend that closed its doors but it may soon reopen under a new name bigger and better than ever.

Pepe's On The River closed years ago but new investors are hoping to revive it as a regional attraction.

The Mission watering hole was opened along the banks of the Rio Grande River back in 1964 enjoying decades of popularity.

But the landmark restaurant couldn't bounce back from flooding following Hurricane Alex, Tropical Depression Two and Hurricane Hermine during the summer of 2010.

The property languished until six months ago when McAllen concert promoter Angel Gonzalez and Reynosa media mogul Heriberto Deandar teamed up to buy the property.

New Plans

Both Deandar and Gonzalez spoke to Action 4 News about plans.

The tentative name for the venue is "The River Club" and if all goes well, it could be open as soon as June.

Gonzalez said a total of $2 million dollars will be spent in several stages to transform the 11.9-acre property.

Deandar said the first items on the list are opening a restaurant, a bar, a nightclub and then building a 2,000-square foot "beach-style" swimming pool for summertime visitors.

Located next to the Riverside Club Bar & Grill and across the Rio Grande River from the Reynosa zoo, both Deandar and Gonzalez are hoping the area will become a regional destination.

Deandar, whose family owns the El Mañana newspaper in Reynosa, said he often crossed the border to go to Pepe's On The River during his youth.

The media mogul said he hopes that adding the beach-style pool and other features will provide a local alternative to the one and a half hour drive to South Padre Island.

Concert Venue

Gonzalez, on the other hand, earned his chops as a concert promoter with the Old Ice House in McAllen.

Among the plans for the new venue, are a stage that can accommodate an audience from 3,000 up to 15,000 people.

Gonzalez said the most immediate plans are to team up with music promoters from South Padre Island to bring DJs and electronic dance music shows along the shores of the Rio Grande River.

But Gonzalez said the venue will also be able to host a variety of other acts from rock to country to pop acts from both sides of the border.

The McAllen concert promoter said he plans for the venue to host everything from superstar DJs to musical acts such as Alejandra Guzman or even Paulina Rubio.

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Wow, that is too cool. I sure hope it goes over well and is done well. In the days of my youth we spent a lot of time out there on the river and in Pepe's. My wedding party was held at the Riverside Club it was a good time. Johnny does it right out there.

Do any of you all know if any of the smaller structures and or shack are still standing and or used on the River? Years ago, throughout the 80's and into the early 90's lots of people had shacks and docks and would hang out there during the spring and summer. I think the heyday might have been the mid to late 70's.

I have a lot of good and fond memories of time spent on the river.

Am I going crazy? I could have sworn my cousins rehearsal dinner was there two years ago.

Was that rendering made on Minecraft?

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Am I going crazy? I could have sworn my cousins rehearsal dinner was there two years ago.

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It was probably at Riverside Club.

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Was that rendering made on Minecraft?

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Makes you wonder about the final product!

Are those supposed to be hot tubs or AC units on the roof? Either way, I'm for both.