UPDATE: Rendering of the new Vault 350

Medina Investments and Development and X1FM Network Radio on Monday announced their $4 million effort to renovate the 1,100-capacity Vault 350 in time to reopen in early 2010. (In fact, officials expect to open quietly in December to work out any kinks.)

Plans call for a multifaceted entertainment venue that would feature a new marquee, new stage lighting, upgraded video and audio components, new kitchen and restrooms.

Vault 350 also will serve as the flagship venue for X1FM, where musical content will be produced and broadcast worldwide live on the Web.

"It's a very great vision, and I think we have a pretty accomplished team here," said Medina Investments founder and president Rudy Medina. "We want to create an iconic venue. ... Long Beach deserves it and can support it."