After lying abandoned for years, the iconic Snowdon Theatre has finally found a buyer.
Real estate titans The Raichman Group will purchase the building for $1.6 million, said Snowdon City Councillor Marvin Rotrand.
“The cost of the renovation would be too much to justify it in the public interest,” he said. “Propositions were received in March, 2017. After analyzing the propositions, the city chose that from the Reichmann Group.”
Rotrand said the building will be used for a residential project.
“They will respect the city’s terms. The city recognizes the building has a certain heritage value and, as such, the promoter will have to maintain the distinct envelope of the building, as well as its iconic sign,” he said. “For the interior, due to a fire that happened there, there isn’t as much heritage value that can be preserved.”
Identifiable by its Art Deco style, the theatre originally opened in 1937 and closed in 1982. The city acquired the building in 2003 and in 2013 it was used as the home for a children’s gymnastics program, which was ultimately ended after it was determined the building had become too run down.
In 2016, three teenagers were charged with arson after a fire did severe damage to the interior.
