Club on 3rd Street in old Restaurant IPO Building?

I've noticed on Friday/Saturday nights that there is always a large crowd of people standing on the street outside of here. A bouncer is out front letting a few people in at a time, but the majority of people stay outside on the sidewalk or in the street. Cars constantly pass by revving their engines. Looks like a big block party.

Anyone know what this place is called? Or how people are allowed to just loiter in the streets outside of it?