It’s happening! Move over Planet Hollywood, Rolling Stone Magazine has announced plans to rolll out the red carpet for its very own chain of restaurants!

The flagship location is currently under construction at the buzzed-about new Hollywood & Highland Center — just down the block from the Hollywood Walk of Fame, Grauman’s Chinese Theater, and the Kodak Theatre — co-founder & editor of Rolling Stone Jann S. Wenner said last week.

“We’ve been looking for the ideal opportunity to expand the Rolling Stone brand. We are both excited and determined to bring the spirit of the magazine to life – the edginess, the coolness, the classiness and the timelessness – in making this venue a place to see and be seen in.”

The multi-level 10,000-square foot venue will be boast a bar, restaurant, a nightclub/lounge, and private-event space. Edgy exposed black brick, tufted leather, vaulted ceilings and an antique iron staircase will complete the trendy decor.

“For those who love music and pop culture, the words ‘Rolling Stone’ continue to mean so much to so many people around the world, especially in the U.S.,” Niall Donnelly, a magazine partner, said in a press release. “We are both excited and determined to bring the spirit of the magazine to life – the edginess, the coolness, the classiness and the timelessness – in making this venue a place to see and be seen in.”

The Rolling Stone Restaurant is slated to open in summer 2010.