Uptown's Suburban World Theatre sold for over $1 million and will be returned to its former glam glory

Aaron Lavinsky/Star Tribune

Aaron Lavinsky/Star Tribune

Somehow, the forever vacant Suburban World Theatre in Uptown has managed not to become a FootLocker or Ulta or a tiny Best Buy.

Now, after five years of languishing, new owners plan to renovate the 1920s-era building and turn it into something Uptown proper doesn't have at the moment: a live music and entertainment space.

According to Finance & Commerce, the Minneapolis-based Grained Apple LLC, an entity related to developers Doug Hoskin and Amy Reher, has purchased Suburban. The local development group hopes to have it up and running by next spring.

Much like the apartments, businesses, and homes in the area, the property has gone up in value over the last couple of years. According to county records, the building's last owner, Florida company Elion Partners, acquired it for $750,000 in 2014. A mere four years later, the 3022 Hennepin Avenue structure is going for double that amount at $1.5 million.  

The 6,000-square-foot space will be the lone music and entertainment venue in the Uptown commercial district. Its neighbor, the once raucous Uptown Bar, was turned into an Apple store in 2010.