At one point, the Paramount Theatre located on Jasper Avenue was the biggest theatre in the prairies, but it has since sat desolate for more than a decade. But its marquee could soon be dusted off and sparkling once again after Edmonton-based real estate development company Gather Co. announced it had purchased the building and the entire block it resides on, known as the Paramount Block, in a receivership sale. Gather Co. has stewarded the Mercer Warehouse for more than 15 years and has a reputation for preserving historic buildings while repurposing them. Spokesperson Puneeta McBryan says their intention is to do just that. “The vision is to restore the Paramount Theatre back to the cultural institution that it once was, and that’s the rest of the block as well,” McBryan told CTV News Edmonton Thursday. McBryan said Gather Co. has hit the ground running and is already in talks with potential tenants in retail and hospitality with businesses ideally setting up shop in the spring. “The timeline is kicking off right away. They’re looking at restoration of the exterior, it’s some historic stone and marble that they want to restore to its original condition. That’s the kind of work that will start this year.” While getting tenants in is one thing, restoring the theatre will be the more challenging aspect that will require support from government, community and non-profit partners. “I think what Gather Co. has demonstrated is that they’re not afraid of the hard work that goes into restoring and revitalising heritage buildings,” said McBryan. “(They’re) a local Edmonton family that really puts a lot of care into the buildings they acquire.” When it opened in 1952, the Paramount was the largest movie theatre in the prairies with 1,750 seats. It closed in 2003 under the operation of Famous Players and operated as a church from 2006 to 2014. The city has the Paramount Theatre on its historic resource inventory which identifies buildings of potential heritage interest, but it doesn’t have the historic designation that would protect it from demolition. Despite several businesses closing in the downtown area in recent months, the Edmonton Downtown Business Association is confident Gather Co. has the ability to revitalize the block. “The purchase by Gather Co. promises to bring new life to Jasper Avenue. The new owners have an exciting local track record of reinvigorating historic properties,” said EDBA’s executive director James Robinson in a statement. “We are optimistic that the Paramount Block will once again thrive in the coming years.” Ward O-day’min Coun. Anne Stevenson said she was pleased to hear about the investment into Edmonton’s core. “This block has incredible potential and will help animate a key stretch of Jasper Ave,” said Stevenson in an email. “I’m grateful for this vote of confidence in the core.” The Paramount Block includes properties at 10233, 10275 and 10279 Jasper Avenue which housed a former location of Remedy Cafe and one of the city’s oldest restaurants, most recently known as The Hat.
