It's been a movie theatre, a church and even a haunted house. But now the historic site of the Paramount Theatre on Jasper Avenue is positioned for a new chapter after being bought by a local real estate company. The Gather Co., the same company which owns the Mercer Warehouse across from Rogers Place, made the purchase with the hopes of bringing the 74-year-old property back to life on Thursday, July 30, 2026. Photo by Greg Southam /Postmedia

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It’s been a movie theatre, a church and even a haunted house. But now the historic site of the Paramount Theatre on Jasper Avenue is positioned for a new chapter after being bought by a local real estate company.

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The Gather Co., the same company which owns the Mercer Warehouse near Rogers Place, made the purchase with plans to rehabilitate the 74-year-old property.

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“We are not developers. We like to preserve historic buildings and bring them back to life, and we think that’s what Edmonton needs more of,” said Devin Pope, a partner with the company.

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Pope said he wants to bring the theatre “back to what it actually was,” where it will once again be a cultural institution on Jasper Avenue.

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The purchase included other properties on the block as well, but Pope said he believes the theatre is one of the most important buildings in Edmonton.

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In a Tuesday news release, the company said that it will require collaboration and partnership with the City of Edmonton and other orders of government, along with the right tenants for that vision to come through.

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Puneeta McBryan, a spokesperson for the company, said restoration work will start this year, and at the earliest, they’re hoping to have their first tenants in the spring.

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As questions circle around downtown recovery after a string of restaurant closures, business leaders are applauding the news. Cherryl Watson, chairwoman of the Downtown Revitalization Coalition, said restoring the iconic building will be an important step for the core.

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“This is exactly the kind of investment Downtown needs — one that preserves Edmonton’s history while creating new economic activity,” Watson said.

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James Robinson, executive director of the Edmonton Downtown Business Association, had similar thoughts, saying that while younger generations only know it as a blight on Edmonton’s main street, its future is looking much brighter.

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“Despite concerns about recent business closures, tremendous investment continues to be made in Downtown properties and infrastructure,” Robinson said.

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While the Paramount is listed on the city’s inventory of historic resources, it doesn’t have any official protective designation, and has sat empty for years after it fell into receivership.

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When Famous Players opened the theatre in 1952, it was the largest on the Prairies, sporting 1,750 seats. It was designed by local firm Stanley and Stanley and has been lauded as a strong example of the international style of architecture popular in the mid-century.

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The cinema was eventually closed and sold in 2003. At one point, a former owner had plans to tear down the Paramount and the adjacent building in order to put up a 40-storey office tower. The company also toyed with the idea of a rental apartment building, but that was put off as well.