Photo via Flickr
The State Palace Theater, a 1920s Canal Street theater that’s been out of commission since Katrina, has been purchased for $3.5 million.
Real estate developer Gregor Fox bought the building, and told nola.com that it could take ten years and $10 million to get the theater fully renovated.
In the meantime, it looks as if he will focus on renovating and leasing out the 30,000-square-feet of retail space around the property over the next two years.
The theater was built in the 1920s for $1.5 million and was devastated in the flooding from Katrina.