CHICAGO-Locally-based Community Capital Investment Partners LLC is in contract to acquire the New Regal Theater on the South Side of Chicago, according to a published report.
Community Capital, a workforce/affordable housing development firm, has a contract to acquire the property at 1645-55 E. 79th St., sources familiar with the transaction tell Crain's Chicago Business' Chicago Real Estate Daily.
The property is owned by the Federal Deposit Insurance Corp., which took over ownership of the historic property in 2011 in foreclosure proceedings. The New Regal Theater was built n 1927 and features a distinctive Moorish-style architecture. The 2,400-seat entertainment venue at one time showed movies and featured concerts by such artists as Nat King Cole, Billie Holiday, Miles Davis, B.B. King and Smokey Robinson. Published reports also refute rumors that entertainers Beyonce and Jay Z were investing in the New Regal Theater. See story in Crain's Chicago Business.
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