The historic Loew’s Theatre in Jersey City will get a new lease on life and be transformed into a 3,300-seat entertainment venue through a $72 million agreement with Prudential Center operator Devils Arena Entertainment.

Restoring the century-old theatre to its former glory will revive the Journal Square area and grow its arts community, Mayor Steven Fulop announced Feb. 22.

“This one-of-a-kind partnership signifies our long-term planning for a post-pandemic future where we’re confident arts and culture will be a staple of life,” he said in a prepared statement.

The Loew’s Theatre, called “The Most Lavish Temple of Entertainment In New Jersey” when it opened, has remained underutilized for decades. Together the current administration, local residents, and community group Friends of the Loew’s are working to change that.

Construction is expected to begin in 2022 and the theatre should open in 2025.

“We envision Loew’s Jersey Theatre as a catalyst to help the citizens of Northern Jersey get back, literally, on their feet to celebrate world-class arts and music,” said Hugh Weber, President of Devils Arena Entertainment on its partnership with Jersey City.

Part of the agreement ensures that minority-owned and women-owned businesses will be hired to work on the project. The agreement also details the modernization of technology with visual and acoustic upgrades; the reconceptualization of ingress and egress at the back and front of the house to meet ADA requirements and expand audience capacity; major infrastructure improvements including HVAC, plumbing, code requirements, and electrical upgrades; and historic preservation of the stage lighting control board, pop-up microphone, and orchestra and organ lifts.

DAE will continue to work with Jersey City upon the theatre’s opening.