JERSEY CITY, N.J. (CBSNewYork) – The Loew’s Theater in Jersey City is getting a new lease on life.

The city plans to move forward with a $40 million renovation for the historic theater in Journal Square.

The 3,000-seat theater opened in 1929 and showcased movies and live events for more than half a century before it closed in 1986.

Friends of Loew’s, a nonprofit group, saved the building from demolition and rented it from the city from the 1990s until this year.

Mayor Steven Fulop is now looking for a commercial operator to help run the venue.

Renovations are expected to start in the fall.

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