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State Palace Theater bought by commercial developer for $3.5 million
Posted on 8/6/14 at 1:58 am
Posted on 8/6/14 at 1:58 am
nola.com article
quote:
Fox said about 30,000 square feet of retail space surround the building, which is now boarded up. He said he hopes to have the exterior of the building and retail tenant space renovated in two years.
A full restoration of the theater could take up to 10 years with careful work, he said. He said he expects the renovation to cost $10 million, although that is a preliminary estimate.
quote:
"My engineer has said he's never seen a building from the 1920s that's in as good a condition as the State Palace," he said.
quote:
The sale comes on the heels of a revival beginning at the Orpheum Theater, part of a budding downtown theater district that includes the post-Katrina reopening of the Saenger and Joy venues.
5
Posted on 8/6/14 at 7:44 am to Jones
It'll be so nice to have all 4 historic theatres open.
Posted on 8/6/14 at 7:45 am to Jones
Sweet. Like the trend that's going on.
Posted on 8/6/14 at 9:41 am to Jones
Good news. I've seen a few shows there back in the day.
quote:Man, that's a very long time for a renovation.
A full restoration of the theater could take up to 10 years
Posted on 8/6/14 at 9:45 am to Jones
Boots and pants and boots and pants and boots and pants
Posted on 8/6/14 at 10:01 am to Cool J
No way it takes ten years. The Saenger renovation only took like two years.
Posted on 8/6/14 at 10:03 am to Jones
Ready to bring back some old ecstasy-filled memories, Jones?
Posted on 8/6/14 at 6:33 pm to Cool J
Yea that does sound really long. Only thing I can think of is that they wouldn't get started until the outside shops are done and they have to gut the whole building. All this while being contained in the interior without interrupting the outside shops. I dunno.
That's a hefty long-term investment though
That's a hefty long-term investment though
Posted on 8/6/14 at 6:38 pm to Jones
are this many theaters sustainable?
Posted on 8/6/14 at 6:41 pm to CheeseburgerEddie
Maybe not but if that 10 years is close to correct, the actual plans for the use can change to adjust to the market.
Posted on 8/6/14 at 6:42 pm to CheeseburgerEddie
Its in really bad condition right now. I just don't see 3.5 mil being enough
edit. NM I saw where it said 10 mil
edit. NM I saw where it said 10 mil
This post was edited on 8/6/14 at 6:44 pm
Posted on 8/6/14 at 7:13 pm to Andre
still somewhat low IMO. But hard to determine how much without knowing what all goes into that 10,000 and if it considers the tax credits and shite.
Posted on 8/8/14 at 8:21 pm to CheeseburgerEddie
They have an article up on nola.com about readers submitting stories and pics of the place. They have a few pics on the site already.
The snow pic would be great(minus the truck) framed.
The snow pic would be great(minus the truck) framed.
Posted on 8/8/14 at 8:33 pm to Jones
Wouldn't be surprised if the developer turns it into condos. 
Posted on 8/8/14 at 9:23 pm to Nolaphried
Would really suck but I doubt it considering theyre talking about the price for a full restoration. If it were going to be condos, just demolish it and start over.
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