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Pasadena's El Capitan Theater sold for $4.6MPasadena's El Capitan Theater sold for $4.6Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=33772014-08-19T08:07:00Z2014-08-14T00:00:00Z

PASADENA - The Pasadena City Council approved the sale of the historic El Capitan Theater and the adjoining Corrigan Center property for $4.6 million to Camin Cargo Control Inc., a chemical testing and inspection company based in New Jersey. The company currently has a Pasadena location on Dabney St.

The 11,529-sf theater and the 70,789-sf Corrigan Center sit on a 9.1-acre parcel located at 1001 Shaw Ave.

City officials agreed to a two-year, lease-back agreement to include 31,982 sf for monthly payments of $31,982.

The El Capitan Theater was built in 1949 and was a popular city attraction until it closed in 1965. The City of Pasadena purchased the property in 1995 in hopes of attracting an investor to help share remodeling costs to reopen the theater.

In 2009, city officials awarded an $85,000 contract to Civil Concepts for engineering services and a $105,000 contract to M. Arthur Gensler Jr. for architecture services. Shortly after, the front fa├žade of the property was restored.

However, in the years that followed the long hoped-for investor never materialized and the theater fell into disrepair.

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http://www.yourhoustonnews.com/pasadena/news/city-sells-el-capitan-theater-for-million/article_c5735a84-d1d3-5fbd-ba82-a04f2fa218d5.htmlRead more at {Source}

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