Apple announced Thursday that it plans to open a store in the Tower Theatre, a long-shuttered former movie palace in the Broadway Theater District in downtown Los Angeles.
Apple confirmed some key details about its plans to the Los Angeles Times, with architect BJ Siegel, senior director of retail design at Apple, telling the paper Apple will file paperwork with the city this week to convert the grand theater into a store location that will be "in the upper echelon of what Apple does. It very much differs from the other Apple stores you see in L.A."
Aside from being a retail store, the location at 802 S. Broadway will also host programs, classes and other events for audiences, according to The Times.
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The theater was built in 1927 by famed theater designer S. Charles Lee. The office of Councilman Jose Huizar, who represents the neighborhood, said the building will see a major historic restoration, including revitalizing the theater's terracotta tile exterior, as well as its marquee and tower blade. The Tower Theatre is owned by the Delijani family, which also owns several other historic theaters on Broadway including The Los Angeles, Palace and State theaters.
Huizar has been organizing efforts for a decade to revitalize development of the Broadway Theater District though his Bringing Back Broadway initiative.
"When one of the top companies on the entire planet says we want to be on Broadway, we want to be part of Bringing Back Broadway, it doesn't get any better than that," Huizar said. "It is definitely a signature moment for our Bringing Back Broadway initiative, and the Delijani family, who have been invested in preserving our historic theaters on Broadway for decades. It is proof that our collective vision and efforts on the revitalization of Broadway have paid off and will continue to do so for years to come."
Apple certainly has the capital to renovate the theater.
Thursday, Apple became the first company to reach a trillion dollars in value, when its stock reached a high of $207.05 per share in late morning trading.
The price of a share of Apple stock must stay above $207.04 by the end of Thursday's trading to close above the record-setting trillion-dollar mark.