Finally. I truly hope Jerry Mickelson does restore the building, I’ve always had a certain fondness for it.
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Without any drama, a venture led by concert promoter Jam Productions Ltd. bought the historic Uptown Theatre on Tuesday for $3.2 million in a court-ordered foreclosure sale.
Jam principal Jerry Mickelson was the high bidder for the long-vacant theater at 4816 N. Broadway. The sale price was essentially a “credit bid” that covers repayment of about $1.8 million owed on a first mortgage and $1.4 million owed on a second mortgage that’s held by Mr. Mickelson’s group.
The only other bid came from the holder of the first mortgage.
Mr. Mickelson, who has said he plans to restore the Uptown, declined comment on the sale.
[From Chicago Business News, Analysis & Articles | Jam buys Uptown for $3.2M | Crain’s ]
I’m not even sure if I’ve ever been inside, I just like vintage theater buildings.
Jam competitors Live Nation Inc. and Madison Square Garden Entertainment both looked into buying the 1925 building, which was originally constructed as a movie palace. Jam in 2006 bought the Riviera Theatre down the street and also owns the Park West in Lincoln Park and the Vic Theatre in Lakeview, all music venues.