The bar, bowling alley and billiards hall built around 1900 received a $70,000 grant from the state that could save it.
The owner hopes to reopen by late spring after believing the venue was closed down for good in September.
During the Prohibition era, Southport Lanes became a speakeasy and an illegal gambling parlor.
The building was remodeled in 2003 but kept its original look, including hand-set bowling lanes.
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The Schlitz Brewery first constructed the building, named The Nook. The name changed to Southport Lanes in 1922.
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