The Roseville Arts Center had planned to renovate the Tower into a venue, which would include concerts, plays and other events.
The board of directors announced this week that plans for the $5.5 million renovation of the theater, located on Vernon Street directly behind Haman House, would be dropped.
The city remains hopeful that the owners of Magic Circle Theater, also located on Vernon Street, will step in to renovate the Tower Theater. The owners have presented preliminary concepts for a restoration to the city, which include transforming the theater into a 200-seat theater-in-the-round.
The Magic Circle Theater is under lease at the Roseville Theater. The owners recently renovated the 76-year-old theater for its current use.
The Tower Theater is owned by the city of Roseville, which acquired the property through a donation by developer Angelo Tsakopoulos in 1989. The Roseville Arts Center has led an ongoing project since then to renovate the Tower Theater, restoring the theater's lobby and exterior.
The city offered to sell the theater to the arts center last summer for $1 and donate $1 million toward the renovation. However, the arts center cannot begin renovation until the funds are stable.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
