$3.5-Million Offer May Save Pasadena’s Raymond Theatre

A last-minute offer to buy and restore Old Pasadena’s historic Raymond Theatre has prompted the City Council to delay a decision on a separate and previous proposal to convert the landmark into apartments and retail space.

In a move applauded by preservationists, attorney Pierce O’Donnell, developer Harvey Knell and the Watt Commercial Properties firm recently offered $3.5 million for the theater and an adjacent parking lot. Their goal is to reopen the theater as a performing arts center, and to build a 10-story apartment building in the parking lot. “We’re planning to restore the theater to its 1921 glory,” said O’Donnell.

He and Knell, former owners of the Pasadena Weekly newspaper, are no strangers to local causes.

The owners of the theater, Gene and Marilyn Buchanan, have proposed converting the 80-year-old building, which has been unused for a decade, into a $10-million complex of apartments, retail stores and offices.

On Monday, the City Council was due to hear the Buchanans’ appeal of a city Board of Zoning Appeals denial of their plans to construct 62 apartments on the theater site and the adjacent lot. But Mayor Bill Bogaard and Councilman Steve Madison convinced the Buchanans to delay the matter because of the new purchase offer.

The Buchanans previously rejected the O’Donnell group’s $3.5-million bid, but Gene Buchanan now says that it is a reasonable offer and that he will continue talks on the matter.

The Buchanans’ attorney, Scott Jenkins, said one of the reasons they previously balked at the offer was that it is contingent on the O’Donnell group’s getting variances to build a 10-story structure, well over the city’s limit for that area, and with less parking than is usually required.

City officials said Tuesday that they might be willing to relax some of those regulations to preserve the theater.

The Buchanans have insisted that the Raymond is no longer a viable theater. Their plan to turn the theater into a housing-retail complex has ignited opposition among preservationists and theater boosters.

O’Donnell and Knell, by contrast, have the backing of Pasadena Heritage, a preservationist group.