Previous reports of the Royal Theater's sad demise had emphasized the $50,000 grant given to Universal Companies to restore the property. The most recent installment in the press parade about the Royal Theater mostly rehashes the story, and points out that the Historic Commission is blocking the demolition of the theater.
Though the Historic Commission's move to forbid the demolition of the Royal Theater is certainly an important part of the story, the Philly.com article buries the most important part of the story: the money.
Universal Companies claims that because it would cost $8-$18 million to restore, the restoration would bring financial hardship on it. However, not only did Universal Companies receive $50,000 from the Pennsylvania Historical Commission, it also received a $2.25 million grant from the Redevelopment Assistance Capital Program of Pennsylvania.
· All Royal Theater related posts [Curbed Philly]
· Kenny Gamble's stewardship of Royal Theater dragged area down, neighbors say [Philly.com]