Dayhu Group has acquired the revamped Hollywood Theatre site in Vancouver’s Kitsilano neighbourhood for an undisclosed price.

The Vancouver-based firm announced the purchase in a LinkedIn post, marking an expansion of its urban commercial holdings. The redevelopment included the construction of Hollywood Residences, a six-storey mixed-use building with a rental-apartment component. The buildings are located at 3123-3137 West Broadway.

“We’re excited to grow our residential rental portfolio in Vancouver while continuing the stewardship of this historic 600-person venue,” said Dayhu in the LinkedIn post.

Originally opened in 1935, the single-screen Hollywood Theatre was a beloved community cinema, showcasing iconic films such as Casablanca and Gone with the Wind. The theatre ceased operations in 2011 but was later restored and reopened in 2020 as an arts and cultural venue.

In 2018, the city approved a plan to preserve and renovate the art deco-style theatre as a cultural and event venue, The Daily Hive Urbanized reported. In exchange for preventing its demolition, the developer, Vancouver-based Bonnis Properties, was granted two floors of additional density, allowing for the construction of Hollywood Residences.

The multi-residential development, which opened in 2022, helped cover the cost of the theatre’s restoration, according to the Daily Hive.

Kerry Bonnis of Bonnis Properties previously told the online media outlet his family-owned company was strategically selling some of its assets to free up capital for new development projects.

Dayhu, known for its portfolio of industrial and other commercial properties, continues to diversify its investments with this latest acquisition.

Pictured: Hollywood Theatre and Hollywood Residences in Vancouver.

Image: Zumper