The 29-year-old businessman, a pilot and drummer in a local rock band, purchased the New Regal for a song, paying $100,000 in a foreclosure deal that closed last month. He and his business partners expect to pour close to $5 million into refurbishing the theater, mainly to repair its terra cotta exterior.It almost makes me wonder if Mr. Gary had been reading this blog.
Jerry Mickelson's Jam Productions Ltd. will help oversee operations at the New Regal. Mr. Gary has a long relationship with Chicago-based Jam, having interned there one summer while a student at the University of Illinois at Urbana-Champaign.
Mr. Gary hopes to purchase adjoining property and build restaurants nearby to make the corner a destination. The recently opened two-mile extension of South Lake Shore Drive will help, he says.
"We really want this to be a spark to a firestorm of development that we think can occur in this area simply because of the low barriers to entry," he says.
Here's the most recent development also via Crain's:
The owners of the New Regal Theater have launched a Kickstarter campaign to raise $100,000 to renovate the South Shore landmark.Mr. Gary according to the article wants to open this venue up for film exhibition, cultural events, and theater productions once the expected renovations are complete. I would also be very curious about any potential development surrounding the theater and the types of businesses they could occupy.
Donors will get special access to the theater with their gift. A $25 donation will get you two passes to a movie, and a $5,000 gift will allow the donor to rent out the elaborate lobby for a night.
That's half the going rate, says Jerald "J" Gary, president of Community Capital Investment Partners, which last year purchased the theater for $100,000.
The fundraising effort will repair the sound system, projection technology and washrooms.
"We're trying to reactivate the theater. We need to do some minor repairs before we can hold events," Gary said.
That's a fraction of the project's $5 million price tag. The company hopes to invest another $4.9 million in the theater.