The current owner, Gene Buchanan, has signed an agreement to sell Pasadena's oldest theater to attorney Pierce O'Donnell and developer Harvey Knell. The investors will pay $3.5 million for the 80-year old building and an adjacent parking lot.
The investors plan to reopen the theater in two years, restored as a performing arts venue with between 800 to 1,500 seats. Buchanan and O'Donnell also plan to build a 10-story multifamily building in the parking lot, pending approval from the city.
The Raymond Theater predates both the Pasadena Playhouse and the Pasadena Civic Auditorium. When it opened in 1920, it was a 1,800-seat theater.
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