"We're going to have the Shower Power back with a larger shower and it's going to be located centrally so it can be seen at any place from within the club," owner Bijan Ahmadian told The Early Edition's Rick Cluff.
The original Odyssey on Howe Street near Davie Street closed in 2010 to make way for supportive housing, after 23 years in business.
Ahmadian took over about a year ago, and has been planning its comeback since.
The new Odyssey will be located in a 5,000 square foot space at Granville Street and Hastings Street, away from Vancouver's Davie Village, the West End hub of the city's gay community
Ahmadian said the location was chosen after he received feedback from the gay community that they wanted more inclusive spaces outside of the West End.
"Davie will continue to be a focal point for the gay scene in Vancouver, but the reality is in 2015 we have fewer gay spaces for the LGBT [lesbian, gay, bisexual, and transgender] community around the city than we did in the '80s," he said.
The new location will also have a stage for live performance and a lower lounge that will echo the indoor patio at the previous location.
There are some traditions that won't return; while there will be drink specials, Ahmadian said patrons won't see 69 cent shooters.
"That was a long time ago," he said.
To hear more about the re-opening of The Odyssey, click the audio labelled: Bijan Ahmadian to re-open Odyssey nightclub.