Little Pete's at 17th and Chancellor streets opened in 1978.
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Brothers Pete and John Koutroubas opened it together.
The restaurant is being turned into a hotel.
Pete and John say they'll miss seeing their loyal customers who have become like family after all these years.
"I've been here 39 years, since day one, since we opened. I connected to the community. I know a lot of the customers that have been coming here for a lot of years. It's a very sad day," John Koutroubas said.
On Tuesday, John and his brother are holding a free block party from 11 a.m. to 3 p.m. for one last Little Pete's celebration in Center City.
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The good news: the second Little Pete's location in Fairmount remains open.
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