July 29, 2008

Sun Times Review of Uptown Theatre Auction

Jam makes play for Uptown Theatre

July 29, 2008

BY DAVID ROEDER Staff Reporter

A long-running mystery in Chicago real estate has been solved. It’s the case of who owns the Uptown Theatre, 4816 N. Broadway.

The landmark theater, vacant for most of the last 25 years, is owned by a partnership run by Jam Productions Inc. That was the result of a court-ordered auction Tuesday in which Jam, a Chicago-based concert promoter, pledged $3.2 million to cover a second mortgage and eliminate the interest of an investment group that held the first mortgage. The auction result should be final upon approval by a Cook County judge in a few days.

The auction clears up a complex ownership dispute and allows Jam, which owns the Riviera, Vic and the Park West theaters, to begin raising money for an estimated $40 million in renovations needed before the Uptown’s 4,300-seat auditorium can re-open. Also critical will be city subsidies. A starting point in negotiations will be whether the city will forgive liens of about $1.7 million it has placed on the property...

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