Chicago Uptown Theatre redevelopment fight

from today's Crain's Chicago Business

Uptown Theatre draws crowd of suitors
By Eddie Baeb

" The historic Uptown Theatre, which has defied redevelopment attempts and slowed the resurgence of its neighborhood since closing in 1981, is suddenly a hot property.

Local concert promoter Jerry Mickelson and Block 37 developer Joseph Freed & Associates LLC are battling a group led by real estate investor David Husman over control of the foreclosed 1920s-era landmark, which also has attracted the attention of national concert promoters.

Mr. Mickelson, co-founder of Jam Productions Ltd., wants to restore the 4,500-seat theater, which once hosted Prince, the Grateful Dead and other big acts, as a concert venue. In a foreclosure sale, a buyer may have to pay upward of $3.5 million to satisfy the outstanding mortgages, liens and money the city is owed for repairs. Renovation would cost about $40 million.

The fight for control of the theater reflects the Uptown neighborhood's improving fortunes. That revival would gain momentum from a redevelopment of the cavernous 1925 movie palace, which sits prominently on Broadway, Uptown's main drag.

In addition to the court fight between Messrs. Mickelson and Husman — a matter complicated by uncertainty over who actually owns the building — the New York owner of Madison Square Garden and Radio City Music Hall tried to buy the Uptown last fall. The deal fell through in February. Los-Angeles concert giant Live Nation Inc. also considered buying it, sources say."

for the entire sordid story see: http://chicagobusiness.com/cgi-bin/news.pl?id=25055