PARAMOUNT THEATER Buyer visualizes performing-arts center in long-neglected historical building

The new owner plans to create a performance hall and movie theater.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
YOUNGSTOWN -- The decaying condition of the former Paramount Theater didn't stop an Illinois company from buying the 88-year-old downtown landmark.
It remains to be seen, however, if the multimillion-dollar renovation cost will prevent Grand Venues from reaching its dream of transforming the building into a performance hall and a movie theater.
Paul Warshauer, chairman of Grand Venues, said he is confident the company will gather the $2.5 million to $3.5 million needed to reopen the hall at Federal Plaza and Hazel Street. The company hopes to hire an architect in July and complete the work in two to three years.
Richard Mills, president of the company that used to own the building, said he thinks the new owner can succeed. The Grand Venues executives have worked in the restoration business and seem to understand what the project will take and where money can be found, Mills said.
Selling price
Ohio One Corp., which owns or manages five downtown buildings, sold the Paramount building for $79,900 on April 21 to a new corporation created by Grand Venues of Wheaton, Ill., and Louis Frangos, president of USA Parking in Cleveland. Ohio One bought the building in 1985 for $26,800.
Grand Venues' plan calls for the restoration of the white terra cotta exterior on the front of the building, which opened as the 1,700-seat Liberty Theater in 1918.
Inside, a cabaret-style theater would be created on the bottom floor. Seating would be flexible, so that tables could be set up for dinner or drinks for some shows, while others could feature a dance floor. Seating on this level would be between 300 and 600.
The goal is to create a setting "where you can hear good music in an intimate setting," Warshauer said.
Performances could include jazz, blues, rock or other music, in addition to plays, he said.
A movie theater with either one or two screens would be in what is now the balcony. The type of movies -- first-run, historical, cult -- would be determined by the market.
Saving some parts
Warshauer called the condition of the building deplorable but said some parts of it can be saved, such as the arch that used to hold the curtain, and some elements of the balcony and ceiling. The roof is partially collapsed, he said. The building has been vacant since 1978.
A visit inside the building Tuesday showed the floor littered with broken plaster. In some areas, metal reinforcement bars had broken away from the ceiling, and structural steel beams in the ceiling were exposed.
The ceiling and walls showed little sign of their past luster, with bare bricks exposed in some parts. The seats were in place, although they were covered with debris and smelled of mildew.
Mills said he regrets not insisting on roof repairs from a previous group that tried to reopen the theater.
Manhattan Theater Proprietorship, formed by two men who work for Macy's Thanksgiving parade, bought the building in 1988 on a land contract. They tried for 15 years to raise money for renovation but failed, Mills said.
Ohio One Corp. recently received title to the building again after a legal battle, he said.
Choosing the building
Grand Venues learned of the building through its own research and selected it for investment because of its potential, Warshauer said.
The company, which was created in 2003, mostly does consulting work for communities with old theaters, he said. It has done architectural work for building renovations but has not bought a building to renovate before.
A key element of the funding plan is to find groups willing to lease and operate each area, Warshauer said.
He envisions a nonprofit group taking over the performance area so that it can apply for grants to do children's programming. Another entity would take over the movie theater.
Warshauer said tax credits are available to help in funding the renovation because the building is on the National Register of Historic Places. Grand Venues also plans to use conventional loans, bonds and economic incentives from local and state governments.
shilling@vindy.com