A Chicago bank has filed to foreclose on a shuttered South Side theater owned by Regina Evans, the Country Club Hills police chief better known for overseeing a probe into the recent suicide of a former confidant to indicted Gov. Rod Blagojevich.For more info on this theater check out Cinema Treasures!
Citizens Bank & Trust Co. alleges that a group led by Ms. Evans defaulted on a $2.1-million loan to finance the New Regal Theater, a shuttered landmark at 1641 E. 79th St. that the venture bought for $2.4 million in March 2008.
Formerly known as the Avalon, the 2,300-seat theater opened in 1927 and is known for its Middle Eastern design. The New Regal opened in 1987 in the building and drew acts such as Patti LaBelle and Smokey Robinson, according to a 1991 piece in the Chicago Sun-Times.
The building was designated a Chicago landmark in 1992, but the New Regal closed in 2003. Its sale to Ms. Evans’ group last year was viewed as key to a revival of the neighborhood.
Ms. Evans, a former Chicago police lieutenant, had planned to revive the theater with live entertainment, helped by the city’s decision to forgive $1.9 million in city loans and grants tied to the property. But she stopped making interest payments on the loan starting in May, according to the foreclosure suit, filed earlier this month in Cook County Circuit Court. The loan, which matures in 2011, carries an 8.25% interest rate.
Wednesday, September 30, 2009
Historic New Regal Theater faces foreclosure
treasure in trouble!