WINNIPEG -- A deal has been reached that would see Pantages Playhouse restored.

Last year, Alex Boersma and Lars Nicholson agreed to purchase the building from the city for $530,000.

At Monday’s property and development committee meeting at city hall, Boersma announced they are subdividing the property and selling the theatre to the Performing Arts Consortium for $1.

Former CentreVenture President Ross McGowan represents the consortium.

McGowan told councillors his group will manage the playhouse and spend between $10 and $15 million for upgrades.

Boersma and his company are planning a housing development on another section of the property.