Giovanni Malacrino, owner of Gio's Italian Restaurant, still owns the basement area of the building, but is expected to strike a deal with Fantasy Lounge in the coming weeks.
Fantasy Lounge is to open a lap-dancing parlour in the basement below Italian bar and restaurant Gio's on Mill Lane
GIOS is expected to go live at FirstAssist in the UK in October 2004.
Mr Malacrino, head of Gios Group, said: "Our aim is to provide a range of experiences in one venue, based on our love for real food, real music and a more mature and enjoyable club atmosphere, which the city centre and people well over the age of 30 have been crying out for.
"We look forward to welcoming back old friends and introducing a new generation to Gios and to Cardiff."
IT services company CGI Group (Europe) Ltd has been chosen by Ireland-based health insurance firm Vhi Healthcare to install its GIOS administration system.
GIOS is expected to go live at some point in early 2004.
Christian Giordano of
Gio's Pro Painting said, "Our goal is to educate the community on how to get the best results for their property improvement projects.