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Originally Posted by Marvland
It's over. The property was deeded away. The deal cannot be undone. Unless there is a determination that the statute of frauds was violated, as in actual, criminal fraud. The legal costs involved alone could reach the millions, which is a drop in the bucket for SLC Corp and Hines. The move towards stalking injunction isn't pretty.
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It will be interesting to see what the Utah Supreme Court decides on the first lawsuit. And this second lawsuit could prevent SLC from approving the demolition permit. There’s lots of interest in seeing the Pantages Theatre restored. Jeff Greene, a theater restoration expert, someone who’s very interested in restoring the Utah Pantages Theatre, whose resume includes 3 Pantages theaters, the Chrysler Building, Radio City Music Hall, the Library of Congress, the U.S. Capitol Building, Grace Church and King’s Theatre, estimates the Utah Pantages Theatre would cost 35-40 million, that’s 20-40 million less than what the rda, whose member have no experience in theater restoration, estimated the job to be. The Theatre has a good chance of being listed on the National historic registry. With those tax credits, arts grants, and donations, I’d bet they could be successful in reaching that 30-40 million price tag.
If it’s just a drop in the bucket for Hines, why don’t they actually buy some vacant lot downtown and build there? Maybe the city could give them a big tax break for the trouble. The drive from Micheal Valentine and all those interested in seeing the Pantages Theatre restored is what the city had been hoping for. Well now there’s a big movement where it could actually happen. So, if the city leadership were smart they’d do everything they could to accommodate all parties in achieving their goals. It would be better to have both developments than just one of them. We just need good leadership with creative minds.
Hines could have their stand alone development elsewhere in the city, and then Hines and LaSalle could partner with Zions Bank’s Mr Anderson to build Zions’ new headquarters and shared parking. If you get the right people talking you could get so much more out of the situation. This situation could really use more “YES! AND…”
Also, check this out:
https://www.atlasobscura.com/places/old-warner-bros-theatre-inside-downtown-jewelry-exchange
This is our Utah Pantages Theatre’s twin sister in downtown LA. It was most recently know as the Warner Brother’s Theatre. All missing elements from the Utah Pantages can easily be replicated from this theater!
Here are more photos:
https://losangelestheatres.blogspot.com/2017/09/warner-downtown.html
https://www.atlasobscura.com/places/old-warner-bros-theatre-inside-downtown-jewelry-exchange