Government

Madison Borough Inquiry to Buy Theater Building Rejected, New Theater A Possibility

9f3c2ee496195d89cf81_IMG_20170724_194728__1_.jpg
Owner of the Madison movie theater building will not sell to the town but may lease the property to a theater company. Credits: Lindsay Ireland
9f3c2ee496195d89cf81_IMG_20170724_194728__1_.jpg

MADISON, NJ – The new owner of the Madison movie theater building is not interested in selling, according to Borough Administrator Ray Codey, but there still may be hope for a cinematic comeback on Lincoln Place.

Current theater building owner Saxum Real Estate said it may lease the property to another theater company, and talks between the two are “continuing,” Codey said.

At Monday’s meeting, Codey spoke on behalf of Madison council members, who were advised not to comment on the theater’s future by Borough Attorney Michael Giacobbe.

Sign Up for E-News

Borough representatives in recent weeks met with members of Saxum Real Estate “to reinforce how important the theater is to Madison residents” and gauge the owner's interest in selling the property if any parties want to buy, Codey said. The borough itself has no current plans to buy back the theater, he said. 

Saxum said it would not sell, not even “at a premium” over the $1.7 million it paid for the property in February, according to Codey.

“Even if they wish to sell,” Codey said, “New Jersey law currently does not allow a public body to pay above market value” for this particular property. 

Madison's meeting with Saxum representatives came in response to the borough's acceptance of a local petition to save the theater after its sudden closure on Memorial Day Weekend. The petition now has more than 1,700 signatures both online and on paper, according to petitioner Sandy Kolakowski.

Petitioners asked Madison to provide “emergency interim funding to rescue the theater and allow community groups to develop a plan for its use as a not-for-profit movie, arts and cultural center,” but in light of the borough’s meeting with Saxum, it looks as if these plans may develop into something different.

Though Saxum representatives “indicated it will be months before they submit any application,” Codey said, they did say that potential renovations to the building are being considered if a lease with the theater company is signed.

Under this approach, the Madison theater could be potentially transformed into “a full-service, state-of-the-art movie theater with food and beverage service at your seat,” Codey said.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Madison

High School Students Honored by Thursday Morning Club

February 5, 2018

The Thursday Morning Club of Madison held a Scholarship Social and Game Day on Jan. 25 at the Madison Community House, 25 Cook Ave.

The event was a great success both socially and financially and honored the recipients of scholarships which sponsored students at multi-day institutes in June. HOBY (Hugh O’Brien Youth Leadership) recipient Logan Sabol, his mother, Madison High ...

Wednesday Weather Update for Madison

February 6, 2018

The Morris County Office of Emergency Management is monitoring the anticipated incoming snow for Wednesday.

The National Weather Service has issued a Hazardous Weather Outlook. The current system is on track to bring some snow before it switches over to sleet, freezing rain and plain rain in the afternoon.

Snow will likely begin shortly after daybreak tomorrow, and will ...

AtlantiCast

AtlantiCast Medical Minute: Atlantic Orthopedic Institute’s Scoliosis and Spinal Deformity Center

On this episode of the AtlantiCast Medical Minute, we’ll take you inside the Atlantic Orthopedic Institute’s Scoliosis and Spinal Deformity Center, with the center’s director, Jason Lowenstein, MD.

Video Link: https://www.youtube.com/watch?v=1M7euCp86-c

AtlantiCast Episode 011

Breaking Atlantic Health System news on this week’s AtlantiCast! Plus, find out why Morristown Medical Center is one of the best hospitals in the nation when it comes to recovering from joint surgery, see the newest center for fighting brain cancer and an Atlantic Health System red-carpet premiere!

 

Upcoming Events

Carousel_image_5cbf868d2d4065528c8f_29_woodland

Sun, February 18, 1:00 PM

Madison

Open House at 29 Woodland Road, Madison

Real Estate

Carousel_image_6d89484cb6e69075727b_metc_2016_corner_view

Sat, March 17, 11:00 AM

Museum of Early Trades & Crafts, Madison

Can a Leprechaun Be Caught?

Arts & Entertainment Education