18 November 2009 ? Concert promoter Jam Productions Ltd has added another music venue to its growing portfolio. On Tuesday, the historic Uptown Theater, located on the 4800 block of north Broadway, was purchased for $3.2 million in a court ordered foreclosure sale. The sale must be court approved, however Jam does not expect any objections. Originally designed as a movie palace in 1925, the building has been vacant since the early 1980?s. While the sale price is essentially a ?credit bid? to cover repayment of two existing loans, Jam must also resolve $1.8 million in liens against the theater related to maintenance work performed by the city. This figure pales in comparison to the estimated $40 million renovation price tag. Hopefully the city can help cushion the cost. Restoring the Uptown Theater will be a beautiful additional to this prime entertainment intersection which is already home to The Green Mill, The Aragon Ballroom and The Riviera. Rock on!Email This Post To a Friend.
Jam Productions Buys Uptown Theatre for $3.2 Million
November 18, 2009
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