NORFOLK, Va. — The historic Riverview Theater in Norfolk's Riverview neighborhood is back on the market, listed for $2.75 million, as a new broker works to find a buyer who can finally see the beloved Granby Street landmark restored.
Chris Zarpas, a partner with S.L. Nusbaum Realty, was recently brought on to sell the property after a previous attempt to restore the theater failed.
"Our hope is to see this property redeveloped in a way that it improves the quality of life in Riverview," Zarpas said.
Zarpas said he was approached by Norfolk businessman Richard Levin, who won the theater back in an auction last spring after a previous attempt by M.J.'s Tavern owner John Childers to restore it failed.
In June, a phone number was posted on the marquee indicating it was once again for sale. Now, it's covered with an S.L. Nusbaum banner and phone number.
"They love this property and they want to see the historic character of the property preserved," Zarpas said.
"We've created a professional marketing campaign. Our company was founded in 1906. We understand the market."
Zarpas is pulling on decades of experience — telling News 3 he believes a vacant lot next to the theater could be the key to getting the whole property sold and eventually restored.
"We're hoping that a new owner will create a parking lot on those 1.3 acres, and that will help us attract national retail to the retail spaces," Zarpas said.
As for the theater itself, Zarpas said the high ceilings and open interior space open up a range of options.
"It could be ideal for a church, volleyball club, obviously a performing arts venue, movie theater possibly, but the economics of the movie theater business probably argue against it," he said.
Riverview was a movie theater decades ago, and many would like to see the performing arts return. But Zarpas says people need to be flexible with their expectations. Architectural renderings shared with News 3 show lofts as a possibility for the second story.
Zarpas says other uses are on the table too — including as a wedding venue.
"It requires some imagination, but the property has enormous potential, and it comes with a historic designation that will provide historic tax credits to someone redeveloping the building," Zarpas said.
He says it means that no matter what moves in, the historic character so many love about the Riverview Theater is all but guaranteed to remain.
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