The original structure, at 24242 San Fernando Rd., was built in the 1940s as a furniture store and later used by an auto-parts retailer. It was closed after suffering major damage in the 1994 Northridge earthquake and soon became home to transients, officials say.

The nonprofit Canyon Theatre Guild purchased the building a few years ago for $1.2 million and began a massive overhaul that included seismic repairs and the rehab of its interior. The outside of the building also got a makeover and now has a Western/Victorian façade.

Though the Theatre Guild's first live production in the remodeled complex is "Scrooge: The Stingiest Man in Town," Newhall officials hope developers will be generous when it comes to proposing additional projects for their CBD. Though Downtown Newhall was the Santa Clarita Valley's primary business district for more than a century, it has suffered over the past few decades, as new residential and commercial projects popped up in surrounding areas.