David Arquette: 'The Good Life' Lives!

David Arquette is all smiles with Sharon Osbourne at the Disney Junior toy line unveiling held at NYC’s Altman Building on Monday (February 13).

The 40-year-old actor, entrepreneur John Terzian and his group are expected to open a new performance-based space with a dinner theater concept in West Hollywood called The Good Life.

“They’ll be bringing back the ‘rat pack’ era but with a modern twist to it,” a source close to the situation tells JustJared.com. “David and other artists will be performing incredible song and dance numbers.”

It’s also rumored that Terzian will be opening his first L.A. westside venture called SHOREbar with Rosetta Getty on board to help design the space.

“He’s taking over The Hideout Bar (formerly Friendship Bar) next to Giorgio Baldi in Santa Monica,” another source adds. “It’s going to have a preppy Nantucket meets Malibu beach feel and there’s going be a really exclusive, private upstairs room.”

Sounds like the good life to us!