It's long been the center of controversy with complaints of loud music and unruly crowds on weekends, but now the former Chelsea Beach Bar in Atlantic City, New Jersey, will move to a different location next summer.

"We've had music on weekends going on till five plus in the morning, that's a real concern," Iris Pincus, who lives in the Ocean Club Condominiums, said. "We have a lot of elderly residents here."

Pincus said she was "cautiously optimistic," but many other people living at the condo complex hugged and cheered after Mayor Marty Small announced the beach bar, which now goes by the name Cocorico, will move away from the nearby condo complex. The new location will open next season between Bellevue and Georgia Avenues outside Boardwalk Hall.

"At the end of the day, this was the best move for both parties," Small said. "They can go and operate in an area where it isn't a residential area."

Earlier this year, CBS News Philadelphia reported the bar's owners dropped plans to expand the business near Chelsea Avenue and add a swimming pool after growing opposition from neighbors.

Now, Domenico Gaggiano, one of the owners, says the move will cost him money, but he wants to be a good neighbor and still contribute to the city's nightlife.

"For peace of mind and for respect of Mayor Small and the city," Gaggiano said.

The move to the new location on the beach still needs final approval from state officials.

"I'm happy that it's moving," Atlantic City 5th Ward Councilmember Maria Lacca said. "I'm happy for the residents of the Ocean Club and additional residents of the city."

Gaggiano said he has to clear out the bar, tables and buildings at the current location, and he told residents everything will be removed by the end of October.