While chatting with the 40-year-old dancer, we learned that her husband, Robert Herjavec, was in on the plan to purchase it in February. Developers were considering turning it into an office space before the Herjavecs came in with a better idea.
"I saw an article that [Richard] was closing the doors, so Robert and I actually got in the car and said, 'I want to go check it out,'" Kym explained. "I'm so lucky that I've got Robert to actually go through this with and for him to help me through everything. It's the first business I've ever had. It's brand new for me and I'm just so excited about it."
And according to Kym, the Shark Tank star really has been a tremendous help, dedicating hours of his time to make sure the studio is a success.
"I was actually in here the other day doing my class and Robert was behind the desk, I left him there," she revealed. "I come out from doing my class, he has a page, like 10 pages full of notes that he's been sitting here figuring out what we need to do, which is great. It's so good. He even had some notes on the class as well."
"This is my baby right now," she continued. "I'm just so happy being in here and seeing it come to life. It's so great seeing people walk in the door and take classes and see them leaving happy."
While Kym and Robert have made major renovations to the space (you can see their before and after pics HERE), they did keep a few things the same.
"We kept the fan," Kym said. "[Richard] had that great fan right there, so we kept the gold fan. Well, it wasn't gold, I spray-painted it gold."
"She took the initiative and here we are," added Robert. "It did not look like this when she started. It's incredible. I'm so proud of [her]."
All levels are welcome at The BOD, and classes include fun workouts like the "80's BOD," a non-stop dance cardio class set to classic hits from that era, "Diva BOD," created to let you unleash your inner pop star, and "Barre Hop @ BOD," a barre-based workout infused with hip-hop dance and music that Kym promises will leave you "feeling like Beyoncé."
"I want people to know that it's a place they can come to and not feel judged -- have fun, get fit, sweat it out, and yeah, just be the best that they can possibly be," Kym explained. "There is something for everyone. There's all these different great classes and I just want people to have fun while getting fit."
During ET's exclusive studio tour, our very own Cameron Mathison decided to try the "Dance Fit BOD," a Dancing With the Stars-inspired workout class that's supposed to help you get a leaner figure, toned legs, sculpted abs and a tighter booty.
"It's so inspiring to watch people come into the class, and they get the experience, you know, [with] the Hollywood and DWTS [people coming in], and getting fit at the same time," Robert exclaimed. "The best form of fitness is when you don't know you're working out -- you're having fun."
Prior to The BOD's big reveal, Richard -- who owned the space for 42 years -- gave Kym his blessing, telling ET, "I wish Kym all the best of everything in that space. Some of my greatest memories are from Slimmons."
Kym actually extended an invite to Richard for the revamped studio's grand opening, but he has yet to make an appearance. He hasn't personally spoken to Kym since she purchased it, but she hears "that he is great and he's happy."
"What he did was incredible for everybody and he's a legend," she marveled. "I hope he's happy with what we've done with the space."
"I've always wanted to have a dance studio and to have Richard Simmons' old space is just incredible," she continued. "I remember being here three years ago with my mum, she came to the States and what she wanted to do was take the class of Richard Simmons."
Robert chimed in, telling ET that he credits Richard for changing his life in a positive way.
"I was a little chubby and I actually watched Richard Simmons and it really inspired me," he explained. "Yeah, he did that for a lot of people."