Raymond Theatre Sale Arranged

The owners of Old Pasadena’s Raymond Theatre--who once proposed turning it into an apartment and a retail complex--agreed Thursday to sell the landmark to investors who plan to preserve it as a performance venue.

Theater owner Gene Buchanan said he signed an agreement Thursday to sell the 80-year-old Georgian revival-style structure and an adjacent parking lot to attorney Pierce O’Donnell and developer Harvey Knell for $3.5 million.

“Pasadena is becoming a strong performing arts community and we plan to make this the centerpiece,” O’Donnell said.

O’Donnell said he and Knell plan to restore the theater as a performing arts center and build a 10-story apartment building in the parking lot.

Gene and Marilyn Buchanan had proposed converting the building, which has been unused for a decade, into a $10-million complex of apartments, retail stores and offices. But amid opposition from Pasadena’s powerful preservation groups and some city leaders, they backed down.

“I agreed to sell it,” said Gene Buchanan. “Right now, they’ve got until June 13 to clear contingencies, and apparently this is going before the [Pasadena City] Council on June 18.”

The 10-story building will need to get variances because it is over the city’s height limit for that area, and has less parking than is usually required. “We’ve met with the mayor and expect it to get the go-ahead,” said R. Scott Jenkins, Buchanan’s attorney.

O’Donnell and Knell plan to reopen the theater in about two years with 800 to 1,500 seats in the main theater areas to accommodate community theater. O’Donnell said they have formed a nonprofit foundation to raise $6 million for the restoration.