UPDATE: Read the Tribune's take on it. "The fortunes of the long-imperiled, down-at-heel Uptown look brighter now than at any point in the last two decades." Uptown Theatre Goes On The Block
We received this email from the Uptown Adviser, which is monitoring the situation regarding the auction of the Uptown Theatre: Eight Forty-Eight (WBEZ) reporters have been working since last Friday on covering the scheduled judicial auction of the UPTOWN THEATRE property, 4816 N. Broadway, in Chicago, which is set for tomorrow, Tuesday, July 29.
The best of our collective understanding is...) This sale was rescheduled from previously cancelled dates. It is based on a judge's decision to force two parties to sell their interests to one party.
What's for sale? The property and all of its debt, including debt from previous owners borrowing against it and from liens for services provided, such as scaffolding and stabilization. Observers anticipate that two known prospects - JAM Productions and Live Nation, who each own portions of the debt - will be first in line at the sale. However, no specific plans or intentions have been made public.
Purchasing the building and its debt could be a first step toward renovation and reuse. However, one has to keep in mind that tens of millions of dollars will be needed after satisfying the purchase cost and debt in order to actually renovate the theatre for some entertainment use.
The news radio show Eight Forty-Eight airs at 9 a.m. and 8 p.m. on WBEZ, 91.5 FM, in Chicago and streams online via: http://www.wbez.org/Program_848.aspx
Both Crain's Chicago Business and rock critic Jim DeRogatis have covered this topic well in recent stories: Uptown Theatre draws crowd of suitors and The fight for control of the Uptown
"started an as-yet largely inactive group called Broadway for Uptown to renovate the theater. The organization’s president, Michael Scott, could not be reached for comment."
ReplyDeleteThere's your problem, he ran Dunder Mifflin into the ground and now he's wrecking the Uptown.
Is anyone else getting really excited? I know my hopes may be dashed some day, but isn't it wonderful to fantasize about what could happen? I may finally see the inside of this theater and go to a concert/movie/whatever they are showing!
ReplyDeleteOkay...while I'm high in the sky daydreaming, who's going to be the first to rain on my parade?
you're not the only one who's excited marathonman1977. I think people are holding back comments so that they don't jinx anything. I know I've got my fingers crossed.
ReplyDeleteMan, wouldn't it be great if TIF money could be used for amazing community projects like THIS?!
ReplyDeleteWell, imagine how pretty the inside of Target will be...just like every other one on the planet, more or less.
But I do love Thomas O'Brien's lines!
For those who have not already seen it, here is a link to watch the 25 minute documentary, "Uptown: Portrait of a Palace".. enjoy
ReplyDeletehttp://video.google.com/videosearch?sa=N&tab=nv&q=uptown%20theatre%20%2B%20chicago#q=Uptown%3A%20Portrait%20of%20a%20Palace
Sorry. Here's correct link:
ReplyDeletehttp://video.google.com/videoplay?docid=-2207976355588324105&q=Uptown%3A+Portrait+of+a+Palace&ei=mV6OSMeIBILo4QLrxIX_Bw
I'm very excited about this! That area of Uptown is already vastly improved over when I moved here four years ago. The renovation of the Uptown would be the jewel in the crown. Now only if we could see that kind of progress south of where the el tracks cross Clark street, and over on Sheridan!
ReplyDeletemc80, i think you hit the nail on the head. i am nervous and excited, all at the same time. i think, though, that if the uptown has a rebirth, it would be a great time for it. that block is certainly improving all around, so why shouldn't its anchor be thriving as well?
ReplyDeletei'm gonna say a prayer tonight for the 'ol girl.
oh, and windowless, your comment was definitely a highlight of my day. well played!