CHICAGO
01/21/2014 04:31 pm ET Updated Jan 25, 2014

Sale Of Congress Theater Pending

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Controversial venue owner Erineo “Eddie” Carranza has given up the fight to maintain ownership of the embattled Congress Theater in Logan Square and has signed a contract for its sale to the developer of the swanky Cadillac Palace Theatre in the Loop, according to several sources familiar with the pending transaction.

The 88-year-old, 4,500-capacity Congress Theater on Milwaukee Avenue has been under intense city scrutiny since January 2012, with numerous building code, liquor, and public safety violations resulting in its closure last spring. Since then, Carranza has vacillated between vowing to fight to bring the theater back as a vibrant community arts center and saying that the sale of the decaying building would be announced any minute, though to date no buyer has materialized.

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