The NoHo 7 indie theater has been bought back by Laemmle Theaters, ending questions about a possible demolition.
The NoHo 7 was initially sold after struggles during the COVID-19 pandemic. Following the sale, the theater continued operation on a short-term basis while a number of redevelopment ideas for the space were floated – one was to convert it to a “mixed-use residential and retail project.” Conversations reignited for the Laemmles late last year and a deal was finally struck at the end of March.
“We were under immense pressure to reduce debt and preserve equity… There was no relief in sight,” Greg Laemmle, owner and president of Laemmle Theatres, said in a statement Wednesday. “As much as I hated to let [the NoHo 7] go, at the time it felt like the only way to keep the business afloat. Thankfully, it was a risk that seems to have paid off.”
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He added: “This reacquisition represents more than a real estate transaction. It’s a reaffirmation of purpose. With ownership comes stability, and with stability comes the ability to plan ahead: to book films with confidence, to host festivals and special screenings and to deepen our ties to the filmmaking community and audiences alike.”
The NoHo 7 theater has served as a destination stop for independent and art-house films for years and now, without the specter of it possibly being converted into a luxury apartment, it can get back to what it’s best at.
“Most immediately, it is great knowing that we are back in control, and that we can commit to films, screenings and festivals beyond just a 60-day window,” Senior Vice President Jay Reisbaum said. “Our commitment to NoHo is rooted in a long-standing belief in the neighborhood itself. The theater’s proximity to the North Hollywood Metro station makes it one of the most accessible venues in our circuit, and we’ve long seen the neighborhood’s lofty potential as a cultural hub. So while the district is still finding its footing post-pandemic, we remain optimistic about its future and are excited to continue growing alongside it.”
Laemmle himself said it most plainly when it came to the theater’s future: “We will be showing movies. That’s what Laemmles do.”
