AEG wins bidding process to manage Jersey City theatre

Overhaul of famed venue aimed at drawing more visitors to Journal Square

New York /
Jun.June 27, 2014 12:00 PM

Entertainment company and venue operator AEG will manage the Loew’s Jersey Theatre in Jersey City after winning a bidding process to take over the former movie house. City officials and AEG are betting that an overhaul of the storied venue, built in 1929, will attract more visitors to the city’s Journal Square area.

The Jersey City Redevelopment Agency must still approve the deal, which city officials announced Thursday, the Wall Street Journal reported. If the arrangement moves forward, the city will spend $30 to $40 million in municipal taxpayer-funded improvements during a renovation process that is expected to be completed in late 2015 or early 2016. The city said private donations and tax credits will contribute to the funding, according to the Journal.

AEG will also make “some improvements” and pay $350,000 for each year of a 30-year lease, the Journal reported. The agreement stipulates that AEG must book national acts and dedicate some programming to local events.

City incentives have helped to draw developers to the Journal Square area recently. Plans for One Journal Square, a two-tower development that stalled during the financial downturn, recently began moving forward, and the first phase of Kushner Real Estate Group’s trio of high rise residences, Journal Squared, is now underway.

LiveNation and the New Jersey Performing Arts Center also bid for the Loew’s project. [WSJ]Tom DiChristopher


Related Articles

arrow_forward_ios
A rendering of Moorestown Mall (Courtesy of PREIT)

Apartments, hotel to be added to Moorestown Mall

Apartments, hotel to be added to Moorestown Mall
The 5,400-square-foot McMansion in Colts Neck, New Jersey (Photos via Robert DeFalco Realty)

It’s Christmas every day at this New Jersey home

It’s Christmas every day at this New Jersey home
Newark Mayor Ras Baraka (Getty)

“Nobody wants to follow the rules”: Covid spike triggers Newark crackdown

“Nobody wants to follow the rules”: Covid spike triggers Newark crackdown
(iStock)

Evidence mounts that high-end sales powered pandemic market

Evidence mounts that high-end sales powered pandemic market
Gold Coast rush: NJ markets pick up in third quarter

Gold Coast rush: NJ markets pick up in third quarter

Gold Coast rush: NJ markets pick up in third quarter
Jersey City residents have voted in support of a new property tax to support the arts (iStock)

Jersey City voters approve property tax to support arts

Jersey City voters approve property tax to support arts
New Jersey State Senator Nicholas Scutari (Photos via Nick Scutari; iStock)

New Jersey votes to legalize recreational marijuana

New Jersey votes to legalize recreational marijuana
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)

Newark restricts businesses again to curb Covid spike

Newark restricts businesses again to curb Covid spike
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...