At last! The State Palace Theater, a 1920s Canal Street theater that has seen better days, has been purchased for $3.5 million. The new buyer, real estate developer Gregor Fox, told The Times-Pic that it could take ten years and $10 million to wrap up a "careful" and complete renovation of the theater. Fox is apparently planning on getting the 30,000-square-feet of retail space around the property up and running in the next two years, though. The State Palace, previously listed with a $5 million price tag, took in some water during Hurricane Katrina, but did re-open for a brief stint before shuttering in 2007. Fox called the 3,000-seat theater a good spot for "traditional shows like ballet and theater" and also mentioned it as a possible site for corporate events. Unsurprisingly, there was no mention of bringing back the legendary raves that took place here, but hey, it is 2014.
· State Palace Theater bought by commercial developer for $3.5 million [NOLA.com]
· Is Loew's State Palace Theatre next up for a comeback? [Curbed NOLA]
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