ACE Theater receives national historic designation
From The Real Deal, "ACE Development Company, can now focus on its plans to renovate of the property into a multi-use entertainment venue, according to ACE attorney Mark Grafton." The theater is owned by long-time Grovites, the Wallace family.
“We are extremely excited about unlocking the development potential,” Grafton told TRD. “Being placed on the register allows us to sell transferable development rights, makes the ACE Theatre eligible for federal and some state grants, and it also unlocks a 20 percent federal tax credit which will make it more appealing to outside investors.”
"I toured the ACE theater a few months ago with the Wallace family that owns it. The potential for this building is great. Now that it's historically designated and protected it will be here for generations to come and can unlock funds to help with the redevelopment. County commissioner Xavier Suarez has also expressed his interest in seeing this gem restored and put back on the cultural map," says District Commissioner Ken Russell.
We have heard the same thing about the Coconut Grove Playhouse which has been dormant for over 10 years now. So let's see which property is developed first.
Let's start the countdown now and see how long it takes for something to happen. Ready, set, go . . .
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