Edmonton’s historic Old Citadel building has been put up for sale by its owners as they attempt to ease financial pressures, Postmedia reported.

The asking price is $3.8 million, the report states. The property is located at 10030 102 Street. Built in 1925 for the Salvation Army at a cost of $39,000, the site has since become a central part of the city’s arts and music scene.

The 8,950-square-foot venue houses three distinct entertainment spaces: The Starlite Room, Temple, and the basement restaurant River City Revival House. Those businesses are not on the market.

Despite the planned building sale, co-owner Tyson Boyd remains hopeful the businesses can continue operating under new ownership.

“The pandemic was really hard,” Boyd, 42, told Postmedia. “Things have not kind of happened in the way that we had hoped for.”

Inflation, a decline in touring acts, the loonie’s low value compared to other currency, and declining alcohol and concession sales have contributed to the financial difficulties.

“Everything just accumulated and we haven’t been able to keep up, so these mounting debts continue,” he told Postmedia. “We tried to not particularly get to this position, but we’re kind of forced to sacrifice one to save the other.”

Since news of the listing broke, he has been fielding calls from concerned patrons.

“I kind of thought that we were quietly putting it on the market, and a handful of commercial real estate people would be aware, but it just kind of blew up and snowballed.”

While not officially registered as a historic site, the building features unique patterned brickwork, an arched front entry, and twin towers designed by local architects Magood and MacDonald. From 1966 to 1976, it served as the original home of Citadel theatre, where English actor Sir John Neville was artistic director.

The theatre is now in a different location.

As a music venue, the space has hosted legendary performances, including a 1991 Nirvana concert. Over the years, acts such as Feist, Metric, MGMT, Questlove, Pussy Riot, Run the Jewels, SNFU, and many others have taken the stage.

Boyd, who has been co-owner since 2017, acknowledged that challenges loom as he and his partners try to retain the building’s uses.

“There’s a risk to everything,” he told Postmedia. “We’re in uncharted territory. We’re confident that it will happen — but what it looks like, we just don’t know.”

Despite the uncertainty, Edmonton’s music community remains hopeful that the Old Citadel’s legacy will continue under new ownership.