Aug 10, 2014 2:08 PM by AP
NEW ORLEANS (AP) - The State Palace Theater on Canal Street has been purchased by commercial developer Gregor Fox for $3.5 million.
The 3,000-seat theater was built in 1926 but has been mostly idle since the flooding of Hurricane Katrina in 2005.
Fox tells Nola.comThe Times-Picayune that he hopes to have the building's exterior and retail tenant space renovated within two years. The theater, one of several theaters that anchor the west end of the Canal Street commercial strip, is boarded-up.
A full restoration could take up to 10 years, Fox said. He said he expects the renovation to cost about $10 million.