Uptown Theater sold to Jam Productions
CHICAGO, IL — The auction announced last week happened and a buyer stepped up. In what will hopefully be good news for the future of the Uptown Theater, Jam Productions purchased the property for $3.2 million.
Without any drama, a venture led by concert promoter Jam Productions Ltd. bought the historic Uptown Theatre on Tuesday for $3.2 million in a court-ordered foreclosure sale.
Jam principal Jerry Mickelson was the only bidder for the long-vacant theater at 4816 N. Broadway. The sale price was essentially a “credit bid” that covers repayment of about $1.8 million owed on a first mortgage and $1.4 million owed on a second mortgage that’s held by Mr. Mickelson’s group.
Mr. Mickelson, who has said he plans to restore the Uptown, declined comment on the sale.
Read the full story in Chicago Real Estate Daily.
UPDATE 7/30: Read more for Uptown Advisor story.
UPTOWN THEATRE, Chicago, sold for $3.2 million
Local media is reporting that Chicago-based JAM Productions purchased the UPTOWN THEATRE, Chicago, 4816 N. Broadway, today in a judicial sale for $3.2 million. It was also reported that JAM was backed in-part by real-esate developer Joseph Freed and Associates.
JAM is led by local personalities Jerry Mickelson and Arny Granat. The development company is led by Laurance “Larry” Freed, who succeeded his father in the business.
“In addition to receiving court approval, Mickelson must also resolve some $1.8 million in liens that the city has against the Uptown related to maintenance work the city performed. That puts the total cost of the theater at roughly $5 million, a fraction of the $40 million that’s estimated to be required to renovate the building that’s lain fallow since closing in 1981,” Crain’s Chicago Business reported.
UPTOWN ADVISER readers may recall JAM’s early days at the UPTOWN when it hosted many successful rock shows there. You may also know JAM from the operation of its RIVIERIA, VIC and PARK WEST venues in Chicago, etc.
We look forward to seeing JAM’s plans for restoring and reusing the historic UPTOWN. And, we wish JAM the best in completing this monumental task.
You may recall suburban real-estate developer Freed from the renovations of the Mentor and Carson Pirie Scott buildings on State Street, the development of Block 37, and the renovation two buildings on historic Uptown Square. That project on the “Goldblatt’s” block saved the Sheridan Trust and Loren Miller buildings and demolished the Plymouth/Uptown Hotel building.
The scope of what the UPTOWN needs can be compared to very few theatre restoration projects in the U.S. However, a similar venue in need of renovation and reuse is the Loew’s KINGS THEATRE in Brooklyn, which is owned by the New York Economic Development Corp. The NYEDC recently completed yet another RFP process for that project.
Joseph Freed and Associates
Crain’s on the UPTOWN sale
Chris Jones, Tribune theater critic on the UPTOWN
WBEZ Eight Forty-Eight
CBS News 2 Chicago
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