Wheaton Grand Theater might have buyer

The long-vacant Wheaton Grand Theater has attracted a prospective buyer looking to preserve the facade and historic details of the downtown landmark.

Mayor Michael Gresk said the prospective buyer envisions an office or retail building for the landmark property on Hale Street. He would not identify the interested party.

“Ideally, I’d like (the theater) to go back to its original purpose,” Gresk said. “Back in the ‘20s, it was a showcase theater. (But) I’m realistic. Barring that, any commercial economic development would be welcomed.”

Opened in 1925 as a live-action theater, the Wheaton Grand later played host to vaudeville acts. A plaque on the side of the building recognizes its inclusion on the National Register of Historic Places — a sad reminder of the structure’s past prominence. Red letters spelling “for ale” recently marked its neglected marquee.

Rob Siegel, a commercial banker at Suburban Bank and Trust Co., the firm that holds the deed on the property, said the developer has made an offer and currently is reviewing finances and architectural plans. He declined to comment on the possible sale price, but said the bank has not accepted offers below $500,000 in the past.

In November, Siegel led a tour of the theater for members of a local think tank looking to refurbish the tired building. As early as this summer, the bank planned to consider a demolition timeline if the theater failed to spark a firm offer.

But Siegel said the prospective buyer hopes to preserve and protect rather than demolish the Wheaton Grand.

“The one main issue was finding the capital needed to improve the interior, and I believe we found that person,” Siegel said.

The bank is “very hopeful” that the proposed contract with the prospective buyer will be finalized, Siegel said.

The theater has been the center of debate almost since it closed in 1998.

For nearly a decade, the Wheaton Grand Theater Corp. tried to revive the facility, screening silent classics and hosting concerts. Wheaton Park District also discussed and then dropped a plan to borrow millions to take over and revamp the facility.

In 2010, the Wheaton Grand Theater Corp. gave up the deed to the bank after falling behind on a loan of almost $800,000.

In a referendum question last April, Wheaton voters overwhelmingly rejected a proposal to set aside $150,000 in public funds each year to renovate the building.

In September, saving the Wheaton Grand quickly became the top priority of the think tank, created by Rick Erickson, the owner of Bold Steps Inc., a downtown business consulting firm. Erickson calls the think tank “junto,” a tribute to Benjamin Franklin’s club that tackled improvements in Philadelphia.

Erickson’s vision for the theater included a multipurpose facility serving anniversary celebrations, business meetings and movie showings, ultimately generating more foot traffic downtown.

The Wheaton resident said he found out about the potential buyer an hour before the last junto meeting when an architect presented renderings for the site. He said he and other possible investors working with his group had “significant, not pie-in-the-sky interest” in buying the theater.

“But somebody jumped in front of us,” Erickson said.

At this point, Erickson said his group doesn’t have the option to enter into a bidding war with the prospective buyer.

“I’m happy if somehow they’re getting the word out that it’s not dead, that we can turn that thing around,” he said.