The Hippodrome will close before the end of July to allow Surrey House to be redeveloped.
The St James's street music venue in Kingston has been home to New Slang - an alternative music night that has brought some of the biggest bands and artists to Kingston - for 12 years.
Jon Tolley, who runs New Slang, said: "There's quite a history there. It's been great. We've had some of the best gigs Kingston's ever seen on what was a sticky old carpet.
"I feel like I've got an emotional connection to the place."
The last gig could be the sold-out Jorja Smith show on July 26, but it might need to be sooner.
Cllr Tolley said: "It's very fluid at the moment. We know it's closing at the end of July, but it might take longer than four days to clear everything out."
Surrey House is to be transformed into 322 flats, with shops at the bottom of the 10 to 12-storey development.
Kingston will likely keep a large live music venue, though, with the process to find the Hippodrome's successor as host to New Slang well underway.
Cllr Tolley is keeping the proposed new location a secret, but the deal is "nearly there".
He said: "If everything falls into place, it's potentially a better space than we have at the moment. It's going to involve a lot of money and legal processes, and the will of the council, but I think there's a will from everyone involved.
"It's a shame that the Hippodrome ha to go, but I think in the context of Surrey House being redeveloped it's fair enough. There are vacant offices in the building and there's a definite housing need in Kingston.
"Rather than moping about it, we're just trying to get on with sorting something out. It's come around a bit quicker than we thought, but it's going well."
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