X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Kroenke Sports Enterprises, the owner of the Pepsi Center and the sports teams that play there, has purchased the 99-year lease of Denver’s historic Paramount Theatre. Kroenke Sports, headed by Wal-Mart billionaire Stan Kroenke, plans to restore and update the venue.

The privately-held company did not release the purchase price.

“After 60 years, the Paramount Theatre remains one of Denver’s true historical, architectural and cultural gems and out involvement represents a unique opportunity to move our business in a new direction,” says David Ehrlich, executive vice president of Kroenke Sports. “The Paramount has become an important piece in our mission to provide the Rocky Mountain West with the best in all types of entertainment, including the arts as well as sports.”

Kroenke Sports will restore the 62-year-old theater over the next decade, starting with a new air conditioning system and roof repairs.

Additional work will be done to restore the theater’s Vincent Mondo silk moiré tapestries and the marble and patterned white terra cotta. The company also will preserve the Paramount’s original twin-console Wurlitzer organ and lighted marquee.

Upcoming shows include Kenny Loggins, Michael Bolton, Boz Scaggs, Dolly Parton, Gallagher, Norah Jones, Don Williams and Harry Belafonte.

The lease purchase extends to the remainder of the building at 1621 Glenarm St. The building also houses Bayou Bob’s Cajun restaurant and the offices of the Historic Paramount Foundation and the House of Blues Concerts. The lease runs through 2026.

HOB will continue to be the primary booking agent for the 2,000-seat theater. And the Historic Paramount Foundation may continue to book and promote non-profit events at the theater.

Kroenke Sports also owns the Colorado Avalanche, the Denver Nuggets, a new national lacrosse league team, and partial ownership of the AFL Colorado Crush, Grand Prix of Denver CART races, and Universal Lending CityLights Pavilion outdoor amphitheatre at the Pepsi Center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.