Drumroll, please!

Elite Cafe Sign
Credit: Joanna Gaines, via Instagram

Ever since Chip and Joanna confirmed their plans to purchase the historic Elite Cafe last year, we've been waiting with bated breath to see what the husband-and-wife design team would do with the Waco, Texas, landmark and its iconic red-letter sign. Although it's one of their biggest "fixer upper" projects to date, you can't blame us for wanting the HGTV stars to hurry up and put the finishing touches on the renovation as quickly as they do with the homes featured on the hit TV show. But, beyond a few Instagram posts here and there, we've had very little information to go on since the restaurant demo officially started back in January—until now, that is.

The queen of shiplap took to her blog this morning to announce the new name, select menu items, and a potential opening date, explaining that the nearly 100-year-old restaurant—once visited by Elvis Presley, and of course, many hungry travelers along the highways between Dallas and Austin—is rich with history and "holds at least one memory for nearly everyone in Waco." So it should come as no surprise that the name holds special meaning for the couple and the Waco traffic circle staple. Without further ado, we present to you—Magnolia Table, set to open at the end of this year.

When you pull up a chair at the soon-to-be hottest breakfast spot in the heart of Texas, you can expect typical brunch fare, including farm-style eggs Benedict, Chip's signature ham sandwich, the Gaines Brothers Burger, and pies made from scratch. And, needless to say, we can't wait until breakfast is served!

WATCH: Chip and Joanna Behind the Scenes

Unfortunately, Joanna didn't give us any more information than that, so we're left to wait again for the next social media update, where she promised to post pictures of the design progress, in which she described it as incorporating "new and creative design into the mix while staying true to the original features" of the storied restaurant.