Here is the opening to the Downtown News Article on the immediate plans of the Delijani family for its four historic Broadway theaters situated in the heart of Downtown Los Angeles.
What most people do not realize is that the Delijani family simply by buying the Los Angeles Theatre at the personal request of Mayor Thomas Bradley - 25 years ago - at a greatly inflated price to save it from being demolished - have gone out of pocket tens of millions of dollars by not converting it to retail, a restaurant or a nightclub by taking out all its seats.
Family Looks to Upgrade Four Broadway Theaters
And while I can not go into details, keeping the LA Theater also cost them far more than even that when one takes into account what they needed to do with other properties during major recessions in order to be able to keep the LA Theater safe from developers.
And yet, even then, even after all those losses, since the family knew it would take an entire theater district to make these venues work in the long term, they continued to buy and preserve other historic theaters (first the State Theatre, then the Palace Theatre and then the Tower Theatre) - and lose money on them - until the time has finally come when their overall vision of a true theater district can be realized.
Unfortunately, it will likely take a future generation - once all the theaters are open and operating - to be able to appreciate the wisdom of their long term vision vision - much less begin to understand or appreciate, the immense costs they voluntarily shouldered by deciding to forgo making a quick buck and keeping these four theaters completely intact for all these years.