Due for auction under sealed bids Feb. 5, the historic Fox Theater on Market Street is attracting considerable interest, according to owner and former NFL player Mark Fields. (Photo by Gary McCarthy)
Story Published:
Jan 27, 2010 at 9:34 PM PDT
Story Updated:
Jan 28, 2010 at 4:38 PM PDT
INGLEWOOD — Just over a week before it goes up for auction, the landmark Art Deco-style Fox Theater on Market Street is already attracting serious commercial interest, according to its current owner, former NFL player Mark Fields.
The historic building is up for sale in a sealed-bid auction Feb. 5, with the minimum bid set at $200,000.
The sale is being handled through Sperry Van Ness Accelerated Marketing Co. The 12,090-square-foot theater, located at 115 N. Market St., was completed in 1949 and has been closed since 1984. It was a popular locations for movie premieres in the 1950s, the company said.
While the facade and interior need refurbishing, the theater retains its original fixtures and projection equipment.
“It depends on how many and the type of offers,” said Sperry Van Ness spokesman Ben Cherney. “If one stands out then it has the best chance of winning. If there are say three to five similar bids, then we’ll go back for the best and final offer.”
Born in Los Angeles, Fields, 48, a graduate of George Washington Prep High School and Los Angeles Southwest College, played at Washington State University and was selected 13th overall by the New Orleans Saints in the 1995 NFL Draft.
He later went on to play for the St. Louis Rams and Carolina Panthers, but was diagnosed with Hodgkin’s disease in 2003 and retired two years later.
Fields, who runs a real estate company in Arizona, revealed that he bought the theater about six years ago as part of the city’s plans to develop the Market Street corridor, which he said fell victim to the real estate downturn.
However, he sees better times ahead. “I literally just got an e-mail from my brokers that said we’ve had 10 inquiries and one [sealed] offer already,” Fields revealed Friday in an interview with The Wave.
He recalled that the property was actually put on the market in 2008 and looked like it might be sold to the city of Inglewood for $1.8 million before negotiations broke down.
“Two years ago the city was really interested, but they had a change in personnel at the redevelopment agency and the project lost focus,” Fields said. “However, it’s a prime piece of real estate. You’ve the got beach [less than] 30 minutes away, three freeways and the airport.”
A call to City Administrator Timothy Wanamaker inquiring whether the council is one of the interested bidders was not returned at press time and Councilman Danny Tabor, in whose district the theater lies, was not available for comment.
Nevertheless, Fields described the potential sale as an “awesome” opportunity for the city.
“I think there’s no doubt this is great opportunity,” he said. “It could bring the Santa Monica Promenade concept to Inglewood.”
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