Historic Varsity Theater Redeveloped Into Apartments, Retail Space

EVANSTON, IL — The first leases are now available for downtown Evanston's redeveloped Varsity Theater and Bookman's Alley.

An adaptive reuse of the historic site in the 1700 block of Sherman Avenue has transformed it into a mixed use development, which now includes nearly 8,500 square feet of ground floor retail space below a 33-unit apartment building called The Varsity.

On Friday, representatives of commercial real estate broker Jones Lang LaSalle, or JLL, officially announced that Guzman y Gomez, an Australian-based quick-service Mexican restaurant chain, has signed on as the first retail tenant in the building.

“Varsity Theater and Bookman’s Alley, a one-of-a-kind historic property and beloved community space in Evanston, presents a unique opportunity for retail businesses in the food, entertainment and retail sectors to provide an unmatched experience serving Evanston and the surrounding communities,” Steve Schwartz, a senior vice president of JLL, said in a statement.

The Varsity Theater, once a prominent cinema that opened in 1926 and closed in 1984, has been repurposed into modern apartments with exposed brick walls and architectural elements preserved from the original theater structure.

Developer Steven Rogin purchased the property in 2004 and led the project, which also included a renovation of the adjacent Bookman’s Alley with public art, outdoor seating and improved lighting.

As part of the renovation, existing businesses in Bookman’s Alley, including Alley Gallery, Saville Flowers, and Campus Gear, will remain, while the space occupied by the Bookends and Beginnings bookstore until 2022 is being marketed to new tenants, the Evanston RoundTable reported.

The first residents can begin moving into the Varsity Theater apartments in September, with units ranging from about $2,000-a-month for a studio to $5,100-a-month for three-bedroom duplex penthouses.

No specific opening date has been set for the Guzman y Gomez restaurant, but the RoundTable reported that posters in the building's windows indicate a planned debut in winter 2025.

Earlier: Varsity Theater Block Among State's 'Most Endangered' Places