Back in March, we wrote about the uncertain future of Bloor and Dovercourt’s Paradise Cinema (1006-1008 Bloor St. W.). Empty and on the market since 2006, the old theatre, built in the late-1930s, had been purchased conditionally on multiple occasions over the past few years. However, previous buyers never closed their deals—partly because the building’s recently awarded heritage designation protected the property from demolition (i.e., redevelopment into condos).
This week, however, The Grid received a tip (from reader Esteban Diaz) that the Paradise had been sold again, and today we confirmed the sale with Don Mulholland, the Bosley real-estate agent who handled the deal. Though Mulholland doesn’t know exactly what the future owner is going to do with the property, he can divulge that it’s an investor who plans to keep the building intact. “I think he’s looking at is as a long-term investment,” the realtor says. “He thought it was a great strategic corner—one of the last in the city that’s undeveloped—and he just wants to find the right tenant. Whether it’s a theatre tenant, or a venue—I just don’t know right now.” By early February 2013, the deal should be complete, meaning the revitalization of this local landmark might not be too far off.