A local man hopes to breath new life into an abandoned theater in the lower Hudson Valley after agreeing to purchase the building for $1.3 million. Lohud reports a Bronxville man by the name of Michael DiCosimo hopes to restore the Larchmont Theater but complications remain.

The building was formerly owned by Regal and as part of their 2015 sale to United Development, Regal kept 'right of first offer'. This means Regal can prevent certain movies from being shown as well as restricts the ability to remodel. Any modifications to the building must be approved by Regal. DiCosimo is hoping to get Regal to lift this clause in the contract.

The theater had been operating up until September of 2016 when the last tenant, Bow Tie Cinemas's elected not to renew the lease. DiCosimo's vision for the property includes three rooms to screen movies along with a studio for his audio design business. Additional improvements could include a coffee shop and possible wine bar.

The only hold up is Regal's resistance to lifting the prohibitive right of first offer clause. DiCosimo can walk away from the deal if conditions are not met, but he's hoping something can be worked out.