The two investors are prominent attorney Pierce O'Donnell ofLA-based O'Donnell & Shaeffer LLP and developer Harvey Knell.The current owner, investor George Buchanan, had previouslyproposed converting the 1921 Georgian Revival-style theater intoshops and offices and to build a large apartment complex on thesite.
The buyers instead plan to spend about $6 million to convert themovie palace into a live-performance venue over the next two years.However, their plans call for building apartments on the adjacentparking lot too.
The proposal is contingent on getting the City Council'sapproval because the city would have to OK the construction of theapartments. The council is expected to weigh the proposal nextweek.
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