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Here is a picture taken from the corner of River and Osborne — the marquee can be seen in the background:
(source: Winnipeg Tribune Archives)
This has recently been converted to an American Apparel store. If you squint just right, though, you can still see it as a cinema…
A photo of the Downtown can be found here: View link — this was just after a Vice Squad bust.
Apparently the seats from the Downtown were rescued for the Gas Station Theatre (a live venue), but I can’t find my reference for that.