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The historic facility in Jersey City will be closed for several years.
The city's redevelopment agency has taken a step toward restoring the Journal Square landmark into a 3,300-seat performing arts center, choosing the operator behind Newark’s Prudential Center for the job.
The city and Friends of the Loew’s have agreed on a Request for Proposals that would restore the facility through a $40 million revitalization, making room for both national concerts and community events at the iconic building.
The historic Journal Square theater appears to be a future set location for the Joaquin Phoenix-led film, as the building’s exterior has undergone a Gotham City-style transformation.