Broker: Most potential buyers of iO Theater property say they want to bring back shuttered improv mecca
Broker says‘80%’ of interested parties indicate they want to bring back comedy hub
Chicago’s iconic iO Theater, the longtime comedy hub on the North Side, is officially for sale.
The 33,500-square-foot, twostory complex at 1501 N. Kingsbury St., closed since March, is listed for $12,900,000. Also included in the sale is the iO brand.
In June, Charna Halpern, owner and co-founder of the company formerly known as Improv Olympic, told the Sun-Times the revenue loss brought on by the March mandated shutdown of all theaters (and other non-essential businesses in Illinois) was the deciding factor for what was a temporary shut-down at the time.
The property includes four theaters, seven classrooms and two event spaces. It is zoned for office use, retail or a combination (flex) of the two.
“I’ve been approached by several developers who want to demolish the building, rebuild it as a flex property and bring the theater back as well,” said Malek Abdulsamad, a real estate broker for Compass Commercial who is handling the sale.
“About 80% of the folks who’ve approached us have indicated they want to bring the theater back, to somehow preserve it.”
The asking price is in line with the current real estate market, Abdulsamad said, noting when Halpern purchased the site about 6 years ago, the area “wasn’t in a prime development location, and now it is. ... As a theater, it is turn-key.”
Reached by phone Friday morning, Halpern said there has been a huge outpouring of support for the theater since it closed and a desire to see it return. More than 800 students participate each year in its training/education programs, administered by 25 to 30 instructors.
“The nice thing really is that the whole community, they don’t want iO to die,” Halpern said. “They want the theater to come back. I really hope the new owners will do that because it would be a huge loss for Chicago and for improv.”
Earlier this week, across town, The Second City announced the sale of its company.
On Friday, Halpern said the decision to officially sell off the property was purely based on economics, primarily due to property tax deferments ending soon and a $100,000 tax bill coming due.
“I got really scared about the property tax ,” she said .“I just couldn’t see where I could make that happen. I already paid $85,000 on the first installment earlier this year.”
But there was plenty of emotion involved, too.
“iO was a mecca for improv. We trained stars for ‘SNL’ and for Second City,” she said. “I worked 40 years to make improv a popular thing, to bring an unknown art form to popularity. So I’m hoping whoever buys this, and everything in the theater is included in the sale, from light boards and sound equipment to seating, that they bring it all back. They could literally open the doors, turn on the lights and put on a show. It’s all there. It’s all ready to go.”