PORTAGE | The empty Portage 9 theater building has found new owners and a potential for redevelopment.

"They wanted to knock it down, but it is a beautiful building," said Schererville resident Jimmy Gerodemos, who purchased the property about two weeks ago from Goodrich Quality Theaters with his partner, Michael Ganz, of Ganz Development of Westville.

Gerodemos, whose family owns the Paragon restaurants in Hobart and Schererville and other restaurants in the area, wouldn't say how much the 25,000-square-foot building and 7.5 acres of property cost.

The Portage 9 opened in 1997 on U.S. 6 just east of Willowcreek Road and was shuttered last month after the company opened the Portage 16/IMAX about a mile east.

Gerodemos said they haven't decided what they are going to do with the building, but they are interested in hearing others' ideas. They've had some telephone calls from people interested in redeveloping the site.

He said it could be turned into a retail space for a large retailer or could be remodeled into a restaurant, sports bar or banquet facility. The two also have had interest in selling outlots in front of the building for development.

Gerodemos said he intends to talk with city officials about redevelopment possibilities.

"We want to sit down with the city and work something out. We want to do something good for the city," Gerodemos said.