The historic Loew’s Jersey Theatre in Jersey City, NJ has been approved to receive a $72 million renovation and reopening in the near future.

Confirmed on Monday by Jersey City Mayor Steven Fulop, the 3,300-seat movie theater and live performance venue will receive major funding from Devils Arena Entertainment, which will manage and book the theater when it reopens. Former owners Friends of the Loew’s will continue to operate the venue’s non-profit arm.

The old venue and movie complex first opened in September 1929 just one month prior to the stock market crash and the start of the Great Depression and remained open through the decades until 1986. In 1993 Friends of the Loew’s purchased and operated the theater, though the building declined during the 1980s and 90s due to vandalism and lack of maintenance and internal upkeep. The venue was added to the New Jersey Register of Historic Places in August 1985.

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“Much of the team that did sister theater in Brooklyn are involved here but this will be a partnership w/NJ Devils Entertainment Inc which runs the Prudential Center which is one of the most booked venues in the country,” Fulop posted to his Facebook on Monday. “We may be in tough times today but live entertainment will be back and cities that bet on arts/entertainment/culture will still be desirable places to live + work.”

“The Loew’s Jersey Theatre is an iconic community treasure that has played a long, distinguished role as Jersey City’s premier arts and entertainment venue,” Devils Arena Entertainment President Hugh Weber also added. “As the operator of the nearby Prudential Center, one of the top entertainment destinations in the United States, we know the importance that live performances play in galvanizing communities and stimulating economic activity. We envision Loew’s Jersey Theatre as a catalyst to help the citizens of Northern Jersey get back, literally, on their feet to celebrate world-class arts and music.”

According to local reports, construction for the building’s extensive renovation process is expected to begin sometime in 2022, with a possible reopening as early as 2025.

Head to the Loew’s Jersey Theatre website for more information about the historic venue.