The historic but closed Rialto Theatre in South Pasadena, California, has been sold to a developer with a history of renovating and reopening old buildings in downtown Los Angeles, reported the Los Angeles Times.
Izek Shomof wants to turn the theater into an entertainment venue that could include a bar and showing old movies as well, the newspaper said. According to a brokerage firm handling the transaction, the sale went through last month.
Shomof’s pattern is to buy older buildings and put them back together. He’s helped redevelop several older buildings in downtown Los Angeles, and he’s leading a group of investors who want to transform the historic Sears Tower in Boyle Heights into shops, restaurants, apartments and creative space.
“I like historical buildings, and I like to renovate them and make them how they used to be,” Shomof said. “That’s what I care about more than anything to start with.”
Construction to repair the building’s facade should begin within months, Shomof said. He said the interior will also need intensive repairs, though he hasn’t estimated the cost.
The theater, at 1023 Fair Oaks Ave., is part of the original 1926 alignment of Route 66. Built in 1925, the theater is listed on the National Register of Historic Places. Closed in 2011, the theater deteriorated enough that part of its marquee fell off and crashed to the sidewalk.
At one point last fall, it appeared famed director Quentin Tarantino was going to buy the theater, but he backed out of the deal.
(Hat tip to Chris Willman; image of the Rialto Theatre by Pete Zarria via Flickr)
Thanks for the report. This is very exciting news for those of us who have watched the Rialto slowly suffer from neglect over the past many years. I founded a non profit called Friends of the Rialto back in the 1980s and have been working ever since to find a solution. We are hoping to meet with Mr. Shomof very soon to offer support and ideas, and to promote a careful restoration of this almost intact neighborhood movie palace.
I’d like to correct one thing, the marquee was red tagged after a windstorm but none of it ever fell off. The city did declare it unsafe and told the leaseholder to take it down. Friends of the Rialto and other local groups rallied together and got the leaseholder to spend the money to secure the 1925 blade sign in place.
There was an instance a few years ago of some stucco falling off and crashing to the sidewalk. After that occurred the building was wrapped in a wire mesh to prevent any more stucco from falling. This was caused by an old roof leak that allowed water to get in between the structure and the stucco and some of the stucco lath rusted. I have spoken with structural engineers who have inspected the property, it is structurally sound and in “remarkable shape”.
If anyone is interested in the Rialto’s past present and future, please visit my Facebook page at http://www.facebook.com/FriendsoftheRialto, or email me at FriendsoftheRialto@gmail.com.
Thanks!
Escott O. Norton
Founder, Friends of the Rialto
http://www.FriendsoftheRialto.org