So while walking by Flat Shoals and Glenwood, I noticed a large pile of lumber inside of Chazz and the door was open, so I popped my head in, and the carpenter in was a super nice guy who invited us in to take a look and give us the full skinny. He told us that 529 has leased the space and will be removing the wall between the two (apparently, it was all one space originally) and more than doubling their square footage, adding a second stage, another bar, new restrooms, building out an upstairs green room for bands and an office for the management.
They had already removed all the old kitchen equipment that was left behind, removed the low drop ceiling, and rebuilt the subfloor, which was apparently so rotted that the stove almost fell through into the crawl space below. Didn't have a timeline for completion, but he did say that some major changes will be coming in the next couple of weeks that will be noticeable improvements to the exterior of the building as well.