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Buyer, Bank Reach Terms in Wheaton Grand Theater Sale

A downtown property owner agreed on terms with Suburban Bank & Trust Friday to purchase the Wheaton Grand Theater.

A downtown Wheaton property owner has reached an agreement to purchase the Wheaton Grand Theater.

Jim Atten, owner of Atten Real Estate, today came to terms with the theater's owner, Suburban Bank & Trust of Elmhurst, said Rick Erickson, owner of Bold Steps Inc. and spokesman for Atten.

Wheaton Mayor Mike Gresk, who attended the meeting with the buyer and seller Friday morning said the agreement is an "agreement of principle," that should be official within the next 15 to 30 days. The buyer and seller agreed on terms of the sale, shook hands and plan to finalize the deal with a Dec. 1 closing date, he said.

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The Wheaton Grand Theater, 119-127 N. Hale St., went on the market last spring, listed by Century 21 for $599,000. Erickson declined to comment on the purchase price.

Atten has gone through a long process of getting the "stars to align," Erickson said, after the bank turned down Atten's previous offer on the theater.

"New dialogue has occurred... This is a significant milestone to getting it back up."

Erickson said Atten should take ownership Dec. 1.

After Dec. 1, he said there will be a "lot of meetings" to determine what to do with the building. Erickson has led public meetings this year to encourage discussion from downtown stakeholders and the community about the future of the theater.

"There's a lot of work to do to get the theater on its legs," he said.

Erickson said the building could reopen as a theater, but plans to develop the property in a way that attracts multiple demographics, not just theatergoers. He said Atten plans to maintain the building's historic look, while gutting the inside to create a "milestone" in the middle of Hale Street.

"There are a lot of ideas, but we have to get serious about naming one."

Gresk said he's optimistic about the deal. "I think it's good that the downtown landmark... is held in ownership by local people... This is the first step in a very long process of revitalizing that building."

Related:

  • Prospective Buyer Withdraws Bid for Wheaton Grand Theater
  • Potential Buyer Interested in Wheaton Grand Theater
  • Al Hollenbeck's Letter to the Editor: Vote Yes on Wheaton Grand Theater
  • 1925 Theater Looks for a Second Act in 2011
  • City Council Candidates Weigh in on Theatre Referendum
  • City to Include Advisory Referendum for Wheaton Grand Theatre on Ballot in Upcoming Election
  • City Withholds Payment to Grand Theatre Consultant
  • Chamber Member Reaches Out to Community to Take Action Toward Restoration of Wheaton Grand Theater
James Mathieson October 05, 2012 at 08:57 PM
I am really pleased that we have community members like Jim Atten that are willing to step up and help maintain and improve our downtown community.
Suzy Black Morency October 05, 2012 at 11:05 PM
This is great news!!
Major Tom October 06, 2012 at 02:48 AM
great!
Gregg Slapak October 06, 2012 at 06:45 PM
Let's all hope that this deal "closes'. That would be wonderful for OUR downtown!! "Forward Wheaton!"
BIll I October 08, 2012 at 09:27 PM
This is great news and hopefully will help the downtown foot traffic. I hope the community is able to reward Mr Atten for his efforts.

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