The 21st century has brought mixed blessings for First Avenue. In 2000, First Avenue's longtime financial advisor Byron Frank helped the club "take control of its own destiny," as McClellan put it, by negotiating the purchase of the historic Greyhound bus depot that had been its home for 30 years.

Although safe from eviction, the club has had to compete for bands with venues backed by large national conglomerates. First Avenue has also contended with unforeseen conflicts that troubled the club's future.

In June 2004, then owner Allan Fingerhut fired the club's long-time management team, Steve McClellan, Jack Meyers and Byron Frank. Fingerhut took the helm himself, swearing, "I'd have to drop dead before I would ever allow this club to close". On November 2, 2004, Fingerhut surprised everyone by filing bankruptcy.

Mayor R.T. Rybak and the whole city of Minneapolis were outraged. Support came from all over the world. With the mayor's help, McClellan, Meyers and Frank purchased First Avenue's assets from bankruptcy court and reopened the club just days after Fingerhut had closed it. Less than two weeks after closing, First Avenue reopened it's doors with Steve McClellan and  Jack Meyers officially in charge.

Since reopening in 2004, First Avenue has gone through many renovations and face-lifts, from brand new air conditioning through out the club, to a renovation of the ladies room, nothing is being ignored. After Steve McLellan's retirement from First Avenue management, Jack Meyers took over as General Manager. In 2009, after a hard-working 30 years,  Jack retired and Nathan Kranz, a long time Music Booker, took over as First Avenue's newest General Manager.

In 2010, on the day of the club's 40th anniversary, Minneapolis mayor RT Rybak declared April 3rd to be First Avenue Day. Celebrations are planned throughout the year along with some new ventures including a new bar and restaurant, The Depot Tavern, which opened to rave reviews in June 2010.  

As First Avenue goes through more growth and transitions every year, one thing remains true: we will keep our doors open to the thousands of music lovers who are First Avenue's past and its future.