Princess Theatre owners hope to sell 110-year-old building to the right buyers

Expectations of Princess's new owners The historic Princess Theatre is up for sale. CTV News Edmonton's Connor Hogg has more on what might be expected of new owners.

The owners of the Princess Theatre on Whyte Avenue want to sell the historic building, but only to the right people.

Purchased in 1996 by the current owners, the 110-year-old building has been empty for two years.

Ian Fletcher, a real estate associate, said there have been more than 100 tours of the building and despite multiple purchase offers, the family has refused them.

"The owner would like to see it remain in the arts community," Fletcher said. "People tell us (what) they're doing when they come and tour the building – they may not even get in the door."

TJ Brar, the theatre owner's son, said they're "quite firm" on rejecting buyers wanting to turn the Princess Theatre into a retail space, restaurant, or even a bar.

"We've turned those offers down, because we're of the firm belief that (this) building is … one of (a) kind. It holds particular significance in not only the Strathcona area, but in the city of Edmonton," Brar said.

Getting the right people to buy the building is proving to be difficult, as it's not just buying a building, but fixing it up as well.

"Vandalism is a big one here," Fletcher said, referring to the graffiti covering the exterior of the Princess. "We try (to) deal with it, but that's been a rough one."

The old building is also in need of some repair which has discouraged some buyers. However, tearing down the historic building for a new one may not be in the books.

"This is the last, oldest remaining theatre in the city. So, tear that down, for what? High rises? I don't think we need more of those right here," Fletcher said.

Brar said whoever takes over the building will need to commit the time, attention and effort it deserves.

"When running a historic, independent theatre, it's something that will need constant attention. And if you're living in Alberta, living in Edmonton, that's great," Brar said. Brar and his family have moved away, making it difficult to operate the theatre.

Fletcher said the search for new owners will continue as planned.

"I tour this, still, I'd say twice a week. Sometimes, second tours," Fletcher said. "It's a high profile building. It gets a lot of interest."

Having seen buyers from Toronto, New York, and even out-of-country buyers, it's just a matter of time before the Princess finds new owners.

With files from CTV News Edmonton's Connor Hogg