JERSEY CITY (CelebrityAccess) — AEG Live is set to take over management of Loew's Jersey Theatre in Jersey City.
The deal, set to be approved by the Jersey City Redevelopment Agency, will see AEG paying $350,000 annually to rent the city-owned theater for a 30-year term. As well, AEG has pledged to contribute $3.5 million for a refurb of of the 85-year-old art deco former movie theater.
A city official told The New Jersey Journal that AEG's offer was "far and away" the most significant bid to operate the theater. Other bidders vying to manage the theater include Live Nation and the New Jersey Performing Arts Center.
City officials expect that the planned renovations will cost more than $30 million that will be paid for with funding from both public and private investment.
AEG says that it hopes the theater will become "a hub for the entire area" and expects that programming will commence in late 2015 after renovations are complete. – Staff Writers
