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
Suburban homebuying frenzy rages on even as NYC reopens
Suburban homebuying frenzy rages on even as NYC reopens
Suburban homebuying frenzy rages on even as NYC reopens
Gloria Gaynor (Getty, Douglas Elliman)
Gloria Gaynor lists longtime suburban NJ home
Gloria Gaynor lists longtime suburban NJ home
New Jersey Gov. Phil Murpy and New York Gov. Andrew Cuomo (iStock; Getty)
NYC, New Jersey restaurants to open at 50% capacity
NYC, New Jersey restaurants to open at 50% capacity
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)
Condé Nast considers move to Gold Coast to save money
Condé Nast considers move to Gold Coast to save money
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
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)
Following the money, NY brokers seek licenses in other states
Following the money, NY brokers seek licenses in other states
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)
Kushner Cos. buys Gary Barnett out of development on NJ waterfront
Kushner Cos. buys Gary Barnett out of development on NJ waterfront
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)
WeWork scores big lease at Goldman Sachs’ Jersey City office tower
WeWork scores big lease at Goldman Sachs’ Jersey City office tower
arrow_forward_ios

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

Loading...