The iconic Russell House is coming back.

Scott Larson, who owns Newagen Seaside Inn and Compass Rose Events, and Knickerbocker Group founder and CEO Steve Malcom, have joined forces again. The business partners will be opening their second venture together sometime next month.

They are also joint owners of Linekin Bay Resort.

The Russell House was a well-loved restaurant in the late ’80s and early ’90s, when it was owned and run by Harvey and Jocelyn Oakes, according to Malcom. “Back in its day it was the place to go,” he said. “We all used to go there Friday nights after work for dinner.”

The restaurant closed and the Oakes lived in the building until 2003, when it was sold to True North Events, now Compass Rose Events. Compass Rose is now housed at the former Boothbay Playhouse.

Now the former restaurant will be a bed and breakfast. The Russell House Bed & Breakfast will be well-appointed, with luxurious furnishings. “It will have some of the nicer rooms in the harbor,” Malcom said. Initially there will be six guest rooms — two downstairs and four upstairs — and a sitting room on the first floor. There may be rooms added as the demand increases. At the moment there are no plans for a restaurant, just a B&B and a good breakfast.

Larson said there was a need for more rooms for weddings during the summer at Newagen, and the Russell House will come in handy for the overflow. The two are also considering keeping it open all winter. “It's not lost on anybody what the Botanical Gardens is doing with the Gardens Aglow event,” Larson said. “We don't have a lot of B&B’s that stay open year-round, and we're going to need more lodging in town for events like that.”

“The Gardens are going to be a big draw for the area and we want people to come not just for a few hours to visit the Gardens, we want people to come to the area and stay and eat and visit the shops downtown,” Malcom said. “We want them to stay on the peninsula. This will be a good location for that.”

Nancy Long, who has worked for both Larson and Malcom at different times, will oversee the management of the Russell House Bed & Breakfast.

The plan is to be open by mid-November. “We want to be open for the Festival of Lights,” Malcom said. “And we're committed to be open by Thanksgiving.”

Knickerbocker Group is the designer for the project and John Bailey, of Wiscasset, is the contractor.

There’s a large fireplace in the foyer of the Russell House that will greet people with an inviting sight as they come through the front door. “The Russell House has that iconic feel and look to it that just screams bed and breakfast,” Malcom said.

A new website is in the works and will be up for viewing soon. And look for a new sign coming soon to the location.