Farpoint to lead publicly funded $75M restoration of Uptown Theatre

The developer will join property owner Jam Productions to restore the city’s largest theater space

Chicago /
Jun.June 29, 2018 11:00 AM

Uptown Theatre in 1928 and Uptown Theatre today (Credit: CharmaineZoe’s Marvelous Melange and Richie Diesterheft via Flickr)

UPDATE, June 29, 2:50 p.m.: Farpoint Development will spearhead a $75 million effort to restore the 93-year-old Uptown Theatre, promising to revive a 46,000-square-foot neighborhood landmark after nearly four decades of vacancy.

Mayor Rahm Emanuel visited the theater, 4816 North Broadway, Friday to announce a hodgepodge of public funding sources set to make up the remaining balance after Farpoint and property owner Jam Productions kick $26 million into the building.

The two-year restoration project will be financed in waves with the help of a half-dozen federal, state and local programs, including the Lawrence/Broadway tax increment financing district, which will be tapped for $13 million.

Jam Productions, a Chicago-based music promoter, bought the palatial 4,381-seat performance space in 2008. It remains the city’s largest theater, with about 400 seats more than the runner-up Auditorium Theatre in the Loop. Jam owner Jerry Mickelson vowed Friday to restore the theater’s three marquees and 17,000 light bulbs, and to boost its audience capacity to 5,800 people.

The renovation will add new elevators and concession stands, in addition to re-finishing the chipping terra cotta walls and modernizing the building’s plumbing and electrical systems.

Farpoint, led by Sterling Bay co-founder Scott Goodman, is also leading an effort to redevelop the 49-acre former site of the Michael Reese Hospital on the Near South Side.

Emanuel has spoken for years about fleshing out the entertainment district around the Lawrence CTA station in Uptown, where the Riviera Theatre and Aragon Ballroom already attract hundreds of concert-goers most weekends, and on Friday he called the restoration “the final piece that brings the entire strategy for the Uptown neighborhood to life.” An ongoing $6 million streetscape redesign also has added a pedestrian plaza in front of the Riviera, a stone’s throw from the graffiti-covered Uptown Theatre.

Two blocks south of the theater district, CRG’s 149-unit apartment joins a crop of new development sprouting around the freshly-rebuilt Wilson Red Line station.

And two blocks north, Cedar Street Real Estate has begun renovating a 300,000 square-foot office building at 5050 North Broadway, promising to eventually bring more than 700 new apartments to the northern edge of Uptown. [Chicago Tribune] — Alex Nitkin

 

Related Articles

arrow_forward_ios
Fritz Kaegi, Cook County assessor (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
Kiser Group's Noah Birk and Aaron Skar with 7800, 7806 and 7822 South Laflin in the South Side neighborhood (Kiser Group)
Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
Merchandise MART and Vornado VP Glen Weiss (Loopnet, LinkedIn)
Chicago’s Merchandise Mart getting another renovation
Chicago’s Merchandise Mart getting another renovation
Henry Kravis, co-founder and co-executive chairman, KKR (KKR); and Logistics Property In Suburban Chicago area (Crow Holdings)
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
A rendering of "43 Green," the planned development on the corner of Calumet Avenue and 43rd Street (Chicago Department of Planning & Development)
Mixed-use development set to bring housing, retail to Bronzeville
Mixed-use development set to bring housing, retail to Bronzeville
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
Chicago Bears tease Arlington Heights move
Chicago Bears tease Arlington Heights move
Chicago Bears tease Arlington Heights move
arrow_forward_ios

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

Loading...