>> >>ANGELA: IT'S HARD TO BELIEVE THIS BUILDING ONCE OFFERED SAN DIEGANS AN ELEGANT NIGHT
OUT.
IN THE 1920S, THE NEWLY OPENED CALIFORNIA THEATER WAS A HOT SPOT.
IT WAS CALLED THE CATHEDRAL OF THE MOTION PICTURE.
IT HAD A LONG RUN AS A MOVIE THEATER.
BRUCE KOON SAW A BEATLES CONCERT FILMED THERE IN THE 60S.
>> >>: I COULDN'T HEAR ANYTHING.
>> >>ANGELA: IT EVENTUALLY BECAME A LIVE MUSIC VENUE.
PATTY SMITH RECORDED AN ALBUM THERE IN 1978.
AND REKS UDLAND SAW ONE OF THE BEST SHOWS OF HIS LIFE THERE, THE PUNK PUB PUBLIC IMAGE
LIMITED CAME TO TOWN.
>> >>: JOHNNY ROTTEN WAS LIKE LINCOLN FOR PUNK ROCK.
>> >>ANGELA: ED MND SAYS BY THAT TIME THE TE TR WAS FALLING APART.
IT WAS 1984.
>> >>: HERE IT IS IN THIS SORT OF ROTTING SHELL OF THIS VICTORIAN BUR LEVYING HOUSE
THAT JUST HAS THE TATTERED FABRIC AND EVERYTHING IMROW WOULD EXPECT FOR A PUNK ROCK SHOW.
>> >>ANGELA: FAST FORWARD TO TODAY, THE BUILDING HAS SAT EMPTY SINCE 1990, WHEN THE OWNERS
FORECLOSED AND INVESTORS TOOK OVER THE LEASE.
FIVE YEARS U GOARKS ARCHITECTS GOT INSIDE TO ASSESS THE BUILDING'S CONDITION.
HERE'S WHAT THEY SAW.
THERE WERE DEAD RATS AND PIGEONS INSIDE, AND A LOT OF TRASH.
THE ROOF IS BAD SO THE WATER DAMAGE IS SIGNIFICANT.
THEY PUT THE COST OF RENOVATING THE BUILDING AT BETWEEN 30 AND 40ÊMILLION DOLLARS.
ABANDONED BUILDINGS ARE NOT UNUSUAL IN URBAN AIR AREAS.
THE IRONY HERE STHALT THIS BUILDING TAKES UP AN ENTIRE CITY BLOCK.
RRCH C STREET HAS BECOME A RUN DOWN CORRIDOR.
>> >>: IT'S A BLACK HOLE.
IT HAS A TREMENDOUS AFFECT.
IT SUCKS ALL THE ENERGY OUT OF THAT CENTER OF BUSINESS DISTRICT.
>> >>ANGELA: C STREET WAS ONCE THRIVING.
WHEN THE TROLLEY LINE WAS ADDED CARS COULDN'T ACCESS THE STREET, THAT DROVE RETAIL AND RESTAURANTS
AWAY.
>> >>: THERE HAS BEEN VERY LITTLE PRIVATE INVESTMENT ALONG C STREET IN DECADES.
IF THE CALIFORNIA THEATER WERE EVER TO BE RESTORED AND ACTIVATEDDED, I THINK THAT THAT
COULD BE A CATALYST FOR ADDITIONAL REDEVELOPMENT ON C STREET.
BRING BET QUALITY RETAIL.
>> >>ANGELA: DEVELOPERS HAVE SHOWN INTEREST IN BUYING THE THEATER BELD BUILDING OVER THE
YEARERS BUT ITS HIGH PRICE TAG IS A PROBLEM, IT'S LISTED AT $10.3ÊMILLIONS.
SOME ESTIMATES PUT IGHTS ACTUALLY WORTH AT JUST OVER THREE MILLION.
THE BUILDING IS ALSO PROTECTED AS A HISTORIC SITE, WHICH LIMITS WHAT CAN BE DONE WITH IT.
BRUCE KOON SUSPECTS THE OWNER IS KEEPING THE PRICE HIGH SO THE BUILDING WILL FALL APART.
>> >>: HE'S GOT SOME FANT FANTASIES HE CAN BULL DOZE IT WHICH ISN'T GOING TO HAPPEN.
>> >>ANGELA: THE OWNER'S REALTOR SAYS THEY NEED TO GET THEIR RETURN ON INVESTMENT.
BUT WILL THAT RETURN COME FROM A RENOVATED THEATER?
>> >>: PROBABLY THE REAL VALUE OF THE THEATER IS ONLY THE DIRT.
>> >>ANGELA: LONDON DOESN'T THINK A REN O RENOVATED THEATER MAKES A LOT OF SENSE.
>> >>: THERES RR A LOT OF THEATERS THAT ARE UNDER UTILIZED.
I DID MENTION JUST A COUPLE IN PASSING.
THE BALBOA THEATER, THE SPREKALS THEATER, ARE PROBABLY EMPTY MOST OF THE TIME.
>> >>ANGELA: THE BALBOA THEATER IS JUST DOWN THE STREET AND RENOVATED IN 2008 IT'S STILL
OPERATING AT A LOSS.
THE ARE SOME PEOPLE WHO LOOK AT THIS PROPERTY AND SEE A THEATER.
DRAWN GRIPPER IS LOOKING FOR INVESTORS.
SHE'S WANTED TO BUY THE CALIFORNIA THEATER BUILDING FOR FOUR YEARS AND TURN INTO A HIGH
END MOVIE THEATER AND A PERFORMING ARTS ACADEMY.
>> >>: IF WE NEEDED MORE CONDOS, GREAT.
IF WE NEEDED MORE OFFICES, GREAT, BUT WE DON'T.
YOU KNOW, SO DO WE NEED AN EXCELLENT STATE OF THE ART THEATER?
I THINK WE DO.
>> >>ANGELA: THAT REMAINS TO BE SEEN.
ONE THING WE KNOW FOR SURE, SAN DIEGO DOES NOT NEED A HISTORICALLY PROTECTED PILE OF
RUBBLE.
ANGELA CARONE, KPBS NEWS.