July 28, 2008

Uptown Theatre Auction News from Uptown Adviser

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

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