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The building was a billiards hall and club called the Foundry from 1996 to 2009. After that, it was a (rather seedy) dance club called Absinthe House. It was briefly renamed Boulder House before it closed around 2017. A new club then opened called the Pop Up Bar, which lost its liquor license after about a year.
A fancy food court called Rosetta Hall opened up toward the end of 2019 and is still open as of writing.
A picture of the Varsity including the marquee can be found at View link