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New Regal given new life
posted by
atmos
on
March 19, 2008 at 3:45 pm
CHICAGO, IL — Last year it was revealed that this atmospheric would reopen in October but no more news followed and the new website remained static. The delay was caused by an amount of $1.9 million which was owed to the city. City officials have now waived this debt which has allowed the new owners to purchase the theatre for $2.36 million. The new owners have already spent $400,000 on refurbishment,so can expect the theatre will reopen sometime soon.
With a big assist from City Hall, investors have purchased the New Regal Theater with plans to revive the South Side landmark as a showcase for live entertainment.
A venture run by Regina Evans, a former Chicago Police lieutenant who owns a limousine service, this week closed on a $2.36 million acquisition of the theater at 1641 E. 79th St. The deal has been pending for months and was made possible by an agreement from city officials to forgive $1.9 million in public loans and grants attached to the property.
Full story in the Sun Times.
Comments (1)
this is awesome for the city and all people who love beautiful movie palaces.
it also gives me hope for the uptown. if the city forgave the debts for that structure, perhaps it can do the same on our north side gem.