The iconic Riverview Theater, a beloved landmark in Norfolk’s Riverview neighborhood, is back on the market with an asking price of $2.75 million. The property, which sits on a 1.3‑acre lot on Granby Street, is being sold by S.L. Nusbaum Realty after a prior restoration effort fell short.
Broker’s vision for the site
Chris Zarpas, a partner at S.L. Nusbaum Realty, says the goal is to redevelop the theater in a way that improves quality of life for Riverview residents. He notes that the vacant lot adjacent to the theater could be turned into a parking area, attracting national retailers to the existing retail spaces.
“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 told News 3.
Potential uses for the historic building
The theater’s high ceilings and open interior offer a range of possibilities. Zarpas suggests it could serve as a church, a volleyball club, a performing‑arts venue, or even a movie theater, though he cautions that the economics of traditional cinema may be challenging.
Architectural renderings show the potential for loft apartments on the second floor, while other ideas on the table include a wedding venue or community event space. “It requires some imagination, but the property has enormous potential,” Zarpas said.
Historic tax credits and preservation
The building carries a historic designation, which would make it eligible for historic tax credits. Zarpas emphasizes that any redevelopment would need to retain the theater’s historic character, a point that many local residents value highly.
“They love this property and they want to see the historic character of the property preserved,” he added.
Next steps
The theater was purchased at auction last spring by Norfolk businessman Richard Levin after an earlier attempt by M.J.’s Tavern owner John Childers to restore it failed. A phone number posted on the marquee in June signaled the renewed sale, and a banner from S.L. Nusbaum now advertises the listing.
Zarpas, whose firm dates back to 1906, believes his decades of experience will help find a buyer who can bring the theater back to life while honoring its legacy.
Original reporting: WTKR News 3 (Scripps) – local — read the source article.
