Historic Uptown may get an encore at last
Interested firms large enough to restore landmark
December 1, 2006
BY DAVID ROEDER Business Reporter
http://www.suntimes.com/news/metro/1...town01.article
The landmark Uptown Theatre, 4816 N. Broadway, has been mostly unused for 25 years. Community-based plans for a revival foundered because little but hope was behind them.
Now, the Uptown has another chance. This one involves prospective buyers with money and, maybe, a real plan for putting the huge auditorium to use.
Two companies that specialize in concert promotions and large-scale entertainment, Live Nation Inc. and AEG, have examined the property, sources said.
Greg Harris, an aide to Ald. Mary Ann Smith (48th), confirmed both companies' interest and said either or both are expected to submit a proposal in December. "These are major groups that have the financial capacity to do the job right," he said.
Harris said both would restore the 1925 building for its original use as a live performance venue.
The local aldermanic office is involved because city officials are pressuring the Uptown's owner to sell. The theater is controlled by Robert Lunn, a financial adviser forced into bankruptcy by creditors who accuse him of misusing their money.
Companies have venues here
The City Council has given Mayor Daley's administration authority to forcibly acquire the theater. Threatening condemnation was a tactic to force Lunn to accept an offer.
Harris said the city hopes a voluntary sale can be worked out. Lunn, he said, has voiced a willingness to cooperate.
Lunn did not return calls. Live Nation had no immediate comment and AEG did not respond to messages.
Live Nation bills itself as "the world's leading live entertainment company" and owns such local venues as the First Midwest Bank Amphitheatre in Tinley Park and the Alpine Valley Music Theatre in East Troy, Wis. For $354 million, Live Nation bought the House of Blues nightclub chain a month ago.
It also manages the bookings for the Charter One Pavilion on Northerly Island.
AEG owns Toyota Park in Bridgeview, home of another of its properties, the Chicago Fire, one of four Major League Soccer franchises it owns. It also owns the Los Angeles Kings hockey team and the Staples Center in Los Angeles.
Once part of thriving district
The city planning department declined to say if it has met with the companies. Spokeswoman Connie Buscemi said staffers "haven't seen any proposals yet but we look forward to doing so."
The department oversees landmark buildings and would review any zoning changes the site might need.
The Uptown was done in the Spanish Baroque style for the Balaban & Katz theater chain and anchored an entertainment district that thrived before World War II. It later showed movies and the occasional concert while suffering through a series of owners.
Lunn gained control of the building after the collapse of development ventures of a former business partner, Rudy Mulder. In 2002, Mulder was said to be offering the theater for $2.5 million.
droeder@suntimes.com