Seth Pilevsky, co-president of Philips International, told the Herald last year that the theater was completely gutted after the storm and was ready to be rebuilt. Pilevsky added, however, that while he was committed to reopening the theater, the repair work could not begin until insurance money was released to cover the costs associated with the storm, which he described as an extremely slow process. 

Others, however, said that Philips International was looking to convert the building into retail space. Pilevsky could not be reached for comment this week. 

“People have been appealing to him for a year and a half to reopen the theater,” said one official. “The city and Pilevsky are looking to make peace after years of bad blood, and this [settlement] will move things forward.”

As the Herald reported last week, representatives of iStar will appear before the Zoning Board of Appeals on Thursday, where they will seek a height and density variance for a new mixed residential and commercial development on the 6-acre parcel between Riverside and Long Beach Boulevards, East Broadway and the boardwalk. The developer is looking to increase the height of the building by approximately 50 feet above the city’s current limit of 110 feet.

“They’re looking to build the two towers skinnier and taller,” said one official. 

Representatives of iStar were also slated to provide details of the project at Wednesday’s Chamber of Commerce meeting at the Park Sports Bar & Grill.

An official who declined to be identified said that the project calls for two towers that would include luxury rental apartments, along with a promenade adjacent to the boardwalk and in between the towers that would consist of retail shops and open public space. The official said that the project would include 12,000 square feet of retail space.