The Loews' Jersey Theater is a glorious throwback to the movie palaces of yore, and Jersey City's mayor hopes that a restoration of the 85-year-old space will help revitalize the surrounding area. Today, the Jersey Journal reports that there are four bidders competing to restore and manage the theater—including the team behind the restoration of the Loews' Kings Theater in Brooklyn.

According to the Jersey Journal, "Live Nation and A.E.G. Live, the world’s biggest concert promoters" as well as "Ace Theatrical Group, which is restoring the Loew's Kings Theater in Brooklyn, and Catch Holdings" are in the hunt. Additionally: "Each bidder plans to partner with smaller groups - such as Newark's New Jersey Performance Arts Center, Mana Fine Arts in Jersey City and New Jersey City University - to create a community programming component."

Jersey City's RFP had these requirements:

1) At least thirty (30) community/local performances/events (sponsored and/or
produced by local community groups or other City residents), which include but are
not limited to school/youth programs, programs for senior citizens, performances
from local artists, lectures or other academic programs, or cultural celebrations

2) At least twenty (20) musical performances by nationally recognized artists

3) At least ten (10) theatrical or other stage performances

4) At least ten (10) comedy performances

5) At least twenty (20) other performances/events (may include event types listed

6) Allowance for twenty (20) events to be sponsored and produced privately by the
Friends of the Loew’s Inc. community group

7) Allowance for private event booking only during times in which the facility is not
reserved for any of the types of events listed above

Jersey City Mayor Steve Fulop said, "The Loew’s Theatre will be the centerpiece of the revitalization of Journal Square. A world class performance venue will not only bring life and culture back to Journal Square, but will be a magnet for additional development and tourism."

Back in 1974, the theater—subdivided into many theaters—had fallen into disrepair and, by 1986, it was scheduled for demolition. The non-profit group Friends of Loew's rallied to save it and has been putting on local shows; the group is suing Jersey City, claiming its lease has been breached.