July 29, 2008

Update from Chicago Public Radio

Uptown Theatre Sold

Ownership of the historic Uptown Theatre changed hands this morning. Once the jewel of Uptown, the theatre closed its doors in 1981 and fell into disrepair while interested parties haggled over ownership. In a procedure that took less than five minutes attorneys representing Chicago-based concert promoters Jam Productions purchased the Chicago landmark for just over $3.2 million.The theatre was purchased for the amount of the first and second mortgages on the property. The interior and exterior of the building are subject to Chicago's Landmark ordinance. That means the new owners have to restore the theatre to its original opulent state. The new owner was unwilling to comment on future uses for the building.

Go to WBEZ for continuing coverage.

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