A public auction has been scheduled for 10:30 a.m. Tuesday that may — or may not — finally decide which of two Chicago concert promoters will play a role in redeveloping the landmark Uptown Theater and steering its future as the jewel pin of a new Uptown music district that also will include the Riviera Theater, the Aragon Ballroom and the Green Mill.
The catch: The sale, which is due to take place at the offices of the Judicial Sales Corporation at 1 South Wacker Drive, has already been scheduled several times in recent months. Each time, it’s been postponed at the last minute in what seems to be an effort by the first mortgage holder, real estate investor David Husman and the as-yet largely inactive group Broadway for Uptown, to block the second mortgage holder, a group that includes Jam Productions, from taking control of the building and moving forward with the redevelopment
Why would anyone do this? Well, Jam’s arch-competitor, the national concert giant Live Nation, is also eager to control the future of the theater, it’s been working with Broadway for Uptown and the city seems to favor this team over the Jam-led group.
Stay tuned — and in the mean time, for more background, check my earlier column here.