It’s going to be demolished if it is not purchased. The time horizon is very short on this. I believe all of the buildings (the theatre and the old print shop) plus the rest of the land which is vacant (and needed for parking)can be purchased for $50K. The purchasers would have to assume all liabilities for renovation or demolition depending on what they are able to negotiate with the city. I’m sure the city would rather see it renovated but they are quite clear that something HAS to happen SOON. My information is that some kind of conclusion will happen before the end of the year.
The City of Waco has initiated condemnation proceedings on the 25th Street Theatre and the adjacent buildings. No viable offers have been made to the owner(s) that would save the structure from the wrecking ball.
I’ve done some recent research and have an update on the status of the theatre. The title to the theatre property belongs to Richard Keifer and the estate of Richard Olsen. There is a lien on the property that belonged to Richard Olsen’s paternal grandfather, Carl E. Olsen, Sr. Richard’s father is the executor of Richard’s estate, which is still not closed after 15 years. He is also now the owner of the lien on the property as the heir of his father’s estate. The taxes on the property are up to date but, as pointed out here, the property is in terrible physical condition and has been “red tagged” by the City of Waco. Effectively that is a notice of condemnation but there are negotiations in progress between Mr. Olsen and the City that would keep the building from being destroyed. There are no guarantees at this point but the wrecking ball has not appeared yet so there is still hope for saving the old lady.
It’s going to be demolished if it is not purchased. The time horizon is very short on this. I believe all of the buildings (the theatre and the old print shop) plus the rest of the land which is vacant (and needed for parking)can be purchased for $50K. The purchasers would have to assume all liabilities for renovation or demolition depending on what they are able to negotiate with the city. I’m sure the city would rather see it renovated but they are quite clear that something HAS to happen SOON. My information is that some kind of conclusion will happen before the end of the year.
The City of Waco has initiated condemnation proceedings on the 25th Street Theatre and the adjacent buildings. No viable offers have been made to the owner(s) that would save the structure from the wrecking ball.
I’ve done some recent research and have an update on the status of the theatre. The title to the theatre property belongs to Richard Keifer and the estate of Richard Olsen. There is a lien on the property that belonged to Richard Olsen’s paternal grandfather, Carl E. Olsen, Sr. Richard’s father is the executor of Richard’s estate, which is still not closed after 15 years. He is also now the owner of the lien on the property as the heir of his father’s estate. The taxes on the property are up to date but, as pointed out here, the property is in terrible physical condition and has been “red tagged” by the City of Waco. Effectively that is a notice of condemnation but there are negotiations in progress between Mr. Olsen and the City that would keep the building from being destroyed. There are no guarantees at this point but the wrecking ball has not appeared yet so there is still hope for saving the old lady.