"The owner of the Beverly Theater in Beverly Hills has agreed to help pay for a study to determine if the theater can be rehabilitated and to offer a preservationist group or the city an option to purchase the property by June 24. In return, the City Council has agreed to freeze existing building standards for two years for the 338 Rodeo Corp., the Columbia Savings & Loan Co. subsidiary that owns the theater."
"The company sought the development agreement so that it could still build a new structure under current building standards if the theater ultimately is demolished. Without the development agreement, the company would have been free to tear down the theater as of May 24. If an option to buy the theater is not exercised by June 24, the company is free to demolish the theater."
"The ornate Beverly Theater, located at Wilshire Boulevard and Canon Drive, is 57 years old and was designed by B. Marcus Priteca, considered one of the most influential American theater architects."
The Beverly Theater owner has committed to funding a study on the theater's rehabilitation potential and offering a purchase option to preservationists or the city by June 24. In exchange, the City Council froze building standards for two years for 338 Rodeo Corp., the Columbia Savings & Loan subsidiary owning the theater. This agreement allows the company to construct a new structure under current standards if demolition occurs. Without this deal, the company could have demolished the theater starting May 24. The 57-year-old ornate theater, designed by renowned architect B. Marcus Priteca, was the subject of a lawsuit resolved on March 1 when the city, developer, and preservation committee reached agreement after the city withheld a demolition permit pending environmental review.
#historic-preservation #real-estate-development #beverly-hills-theater #demolition-dispute #urban-conservation
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