The former Suburban World Theater in Uptown will likely be transformed into a retail showcase by its new owner, a Florida developer.
The Business Journal cites a story in Finance and Commerce, which is behind a paywall. It said that Elion Partners has closed on the landmark theater at 3022 Hennepin Ave. S., which has stood vacant for years. According to a certificate of real estate value filed with Hennepin County on Monday, Elion paid $700,000 for the property. It was purchased from Commerce Bank of Edina.
As yet there is no word about prospective tenants. The classic theater is on a block just beyond the busy intersection of Lake and Hennepin and adjacent to Calhoun Square, which is in the midst of a major renewal.
In 2012, the Star Tribune reported that the theater was on the market for $899,000 after falling into foreclosure. The theater was built in 1927 in the "classic Granada style," designed to resemble a Spanish courtyard.
Miami-based Elion recently purchased the long-vacant former State Farm property in Woodbury and plans to redevelop the building and the 100 acre-parcel. Plans include adding a a 110-room hotel, two medical office buildings and 140,000 square feet of additional retail and restaurant space.