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LOS ANGELES-Two private investors say they have agreed to pay $3.5 million for Pasadena’s historic but shopworn Raymond Theatre and will forge ahead with plans to restore it, rather than allowing the current owner to convert the building into shops, offices and apartments.

The two investors are prominent attorney Pierce O’Donnell of LA-based O’Donnell & Shaeffer LLP and developer Harvey Knell. The current owner, investor George Buchanan, had previously proposed converting the 1921 Georgian Revival-style theater into shops and offices and to build a large apartment complex on the site.

The buyers instead plan to spend about $6 million to convert the movie palace into a live-performance venue over the next two years. However, their plans call for building apartments on the adjacent parking lot too.

The proposal is contingent on getting the City Council’s approval because the city would have to OK the construction of the apartments. The council is expected to weigh the proposal next week.

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