An offer has been submitted to purchase another Eagle Theater location in Illinois, a development that could eventually impact the future of the closed Eagle 6 movie theater in Streator if the initial deal moves forward and sufficient community support is shown.
Former Eagle 6 owner Eric Gubelman confirmed last week that an Illinois-based investor has submitted an offer on the Eagle Theater in Clinton, where the proposal would involve refurbishing and updating the theater before leasing it back to a successor operating company.
If the Clinton project advances, Gubelman said similar efforts could follow at the company’s other locations, including Streator, where “high-level discussions” have already begun.
“The logic of this development applies not only to that location, but to the other two locations,” Gubelman said. “High-level talks have started in Streator, but the ball is in our court and we need to get the Clinton project over the line first.”
Gubelman described the investor as Illinois-based with a “long track record of closing complicated transactions and working cooperatively with cities.”
“The investor seeks to not only help us revitalize the theater, but also assist the city on another economic development priority,” Gubelman said. “The moving parts and the complexity prevent me from commenting further. We don’t give up. We find a way.”
No official agreement has been finalized, and Gubelman cautioned that it is too soon to say whether the Streator theater will reopen.
Any potential reopening would also depend heavily on community support. Under the proposed framework, the investor would require a commitment from at least 1,500 people per theater to attend at least one event per month.
Streator Chamber of Commerce Executive Director Derek Barichello said a reopening would benefit both the city and local businesses.
“The movie theater is a valuable asset for Streator,” Barichello said. “It offers entertainment for the community and draws visitors from outside the area, which helps other businesses. It would be exciting to see it reopen, as it’s still a great facility.”
If the offer is accepted, negotiations on a lease would follow. However, significant financial and legal hurdles remain.
A few weeks ago, the Streator City Council approved a roughly $60,000 payment to cover delinquent property taxes on the closed theater to protect the city’s legal stake in the building after payments were missed.
No money is being collected at this point. Instead, organizers are asking residents to pledge interest. If the project advances, community members would later be asked to place a refundable deposit toward a six or 12-month movie subscription.
“In short, imagine a giant puzzle,” Gubelman said. “We have the corner pieces. If we can get the pieces with a straight edge framed, then we can talk details and execution.”
If interested in supporting the theater’s reopening, Gubelman has created a survey to show investors how many people would be willing to come see movies.
Clarification: An earlier version of this story incorrectly stated that an offer had been submitted for the Streator theater; the offer was submitted for another Eagle Theater location in Clinton.