According to the following, Gamble is looking to make a substantial profit on his $300K investment. The Royal Theater and 5 adjoining properties are now listed at $4,500,000.
1524-34 W SOUTH ST, Philadelphia, PA 19146-1636
Already has a offer:
Holy Smokes The Royal Theater Is For Sale | NakedPhilly
We’ve learned that an offer was made by Royal OCF Holdings (no relation) for $3.2M for the theater, plus all the lots on the south side of South Street. At the moment, it seems that Universal is hoping they can do better.
It would be awesome if the Royal could still be salvaged to be something like this:
Waterfront developer plans 3,000-person music venue, restaurants, a bowling alley and a distillery at Ajax Metal Works site | PlanPhilly: Planning Philadelphia's Future
but, no...Universal people could only figure out to make some cr@ppy a$$ residential project financially feasible. AND KG got all that property for next to nothing...infuriating
Metro - Hope renewed for Royal Theater rebirth
Ori Feibush, of OCF Realty, said yesterday he has made an offer on the building and four adjacent lots with hopes of redeveloping it for mixed use with commercial space and apartments.
"It’s a block we would love nothing more than to restore to much of its original glory. The Royal Theater is the reason that block has been held back," said Feibush, whose company has redeveloped several homes in the Point Breeze community and owns multiple properties on South Street.
Dreams are great..reality is bitter....I rather live in reality...Look at the list on that page:
I bolded the saddest story....Like I said dreams are great.but reality sucks...The Royal Theater is one of several former theaters in the city that have struggled to find new life as an entertainment venue or new type of development.
>> Name: Boyd Theatre
Location: Chestnut between 19th and 20th streets
Latest: A plan for a live-entertainment venue and high-rise hotel fell through when developer Hal Wheeler abruptly died. Live Nation is still the owner.
>> Name: Uptown Theatre
Location: 2240 N. Broad St.
Latest: The Uptown Development and Entertainment Corp. is trying to raise $5 million to redevelop the facility as a technology center, artist lofts and office space.
>> Name: Metropolitan Opera House
Location: 858 N. Broad St.
Latest: The former opera house and cinema is home to a congregation and nonprofit organization that planned to restore the interior of the property.
>> Name: Devon Theatre
Location: Frankford Avenue near Barnett Street
Latest: The property closed after a brief stint as a performing arts venue in 2009.
I didnt suggest a high rise hotel (city's already swamped with those) nor another music venue, nor a location in the middle of no-mans land. I suggested an multi-function indoor/outdoor space smack dab in the middle of a neighborhhod full or wealthy empty nesters and yuppie families who live in $500,000+ houses with no back yards, and who are on the 5 year waiting list to pay $1000 a year PER PERSON to join Lombard Swim Club. But yeah, not too many people would have the financial nougats to try it, because it does sound dreamy! Empty store front commerical with apartments above is the only development model anyone wants to try in this neighborhood.
I was outbid...rather dramatically in fact. I have no idea what the plans are of the winning bidder but my team is no longer involved with this parcel in any capacity.
I hope they build something beautiful but I am a spectator at this point.
I'd like to see a Rite-Aid go in there.