Live Nation is reportedly in talks with Chicago city officials about taking over the shuttered Uptown Theatre and renovating it.
The Chicago Sun-Times reported January 9th that if LN’s reported bid is accepted, LN will have some hurldes including a city subsidy for what could be an approximately $40 million restoration and a city lien on the property for about $1 million because of emergency repairs made to the building.
The venue, built in 1925, has been mostly vacant for about 25 years. It has also seen interest from Chicago-based Jam Productions, AEG and investment firm Equibase Capital Group LLC in the last two years.
However, LN’s possible winning bid is likely in limbo until the ongoing legal battle over who actually owns the property is settled.
David Husman, chairman of Equibase, reportedly owns the first mortgage on the property, while Jam Productions and Joseph Freed & Associates LLC own the second mortgage. Jam and JFA claim Husman has unlawfully refused its offer of $1.3 million to pay off the first mortgage, the paper said.
Pollstar’s attempt to reach a Live Nation representative was unsuccessful at press time.