August 20, 2008

Uptown Theatre Sale Finalized, UTAII the New Owner

Uptown Theatre a done deal
Sale of landmark finalized in court


The forced judicial sale of the Uptown Theatre was finalized in Cook County Circuit Court on Monday after a years' long dispute over the ownership of the Chicago landmark once billed as "An Acre of Seats in a Magic City."

The deed to the property was transferred to Jerry Mickelson, president of Jam Productions, whose limited liability company, UTAII, purchased the Uptown Theatre in a court auction on July 29 for $3.2 million.

The judge entered an order approving the sale, indicating that UTAII was the successful purchaser, said Mickelson's attorney, Todd Rowland, of the firm Thomspon Coburn Fagel Haber.

Terms of the sale include the $3.2 million distribution of proceeds, including $1.8 million to Uptown for Broadway, the first mortgagee on the property, with the remaining proceeds distributed to UTAII as the second mortgagee. UTAII purchased the theater in a credit bid. Still to be resolved is approximately $1.7 million in receiver liens held against the property by the city...

For complete article and commentary, go here.


Renaissance or practicality?
Gibraltar may tumble, but public art is here to stay

[from the Chicago Journal]

This week's edition of News-Star focuses on the finalized court sale of the Uptown Theatre, a landmark considered by many to be the soul of Uptown, and on Saturday's dedication of the bricolage mural at the Bryn Mawr and Lake Shore Drive underpass in Edgewater.

When it opened in August 1925, the Uptown projected the highest deals of art and architectural design. For the thousands of Depression-weary Chicagoans that passed through its majestic lobbies and beneath its ceiling painted with angels, the Uptown offered a touch of glamour-and hope. Firmly ensconced in the nation's entertainment history, the theater's cavalcade of international motion picture and stage artists rivaled that of any theater in Hollywood or New York City...

For complete article, go here.

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