The Life is Beautiful festival is in a rebuilding phase, as Rolling Stone has assumed full ownership of the Downtown festival. Instead of taking the year off entirely — it’s planning to revive the traditional event next year — the media company has decided to draw upon its influence in the music world and put together a smaller and much different festival experience not only to hold us over, but also to expand its event program. This two-evening “block party” is actually taking place at the event center-slash-parking lot adjoining the Plaza hotel-casino and will only have two stages. Headliners Justice, Peggy Gou, and LCD Soundsystem give this new event some indie cred, while also threatening to bring Downtown the biggest dance party of the fall.