The Deal is Done – City Closes Purchase of Chateau
Rochester, MN (KROC AM News) - The process took longer than expected, but the City of Rochester is now the owner of the historic Chateau Theater.
Mayor Ardell Brede says the $6 million transaction finally closed Monday afternoon. The City Council finalized the purchase agreement for the transaction in May, but the deal included provisions that allowed the previous owner to delay the closing for tax-related considerations.
The theater, which has been vacant since the Barnes and Nobles Bookstore moved out about a year ago, was identified by members of the Destination Medical Center Corporation as a key piece of the “Heart of the City” district in the DMC Development Plan.
A 12 member task force appointed by the mayor is currently working on developing a plan for the future use of the Château, which first opened in 1927. The task force began meeting last September.