Greg Tidwell/Pacific Coast News
06/27/2012 at 06:00 AM EDT
David Arquette's latest project is finally about to come full circle.
star was recently spotted overseeing the completion of his new nightclub, Bootsy Bellows, which is set for a June 29 grand opening in West Hollywood.
"David looked really good and looked like he was in good health," a source tells PEOPLE of the actor, who was seen standing in the new venue's doorway. "He didn't look as skinny as before. He looked like he'd put on a few healthy pounds."
Adds the insider, "At one point, a random person walked by and yelled, 'Lookin' good,' at David."
Of the venue, also co-owned by h.wood group's John Terzian, the source describes it as having "a funky vibe inside."
Taking over the space of former hotspot Trousdale
, the spot was frequented by Ryan Phillippe
, Ashley Greene
, Derek Hough and stars of The Hills
– Dahvi Shira