"Right now we have a bunch of tire-kickers," said Eli Mizrachi, who owns the 64-year-old property at the corner of Charleston Avenue and Maryland Parkway. "We're looking for 50 percent leased up. Then we're going to break ground."

The tenants would be a mix of retailers and offices. The distinctive Huntridge sign is to remain, and the exterior of the building will be renovated and refurbished to match the existing design.

Plans also call for a second floor to be added, which is where the offices will be, along with separate retail and restaurant pads in the parking lot.

"It's basically the only thing we could do with it to make it viable and keep it the way it is," Mizrachi said. "We were getting nowhere with trying to lease it out as a venue."

The theater, which is on both national and state registries of historic sites, opened in 1944 and showed movies for decades. Then it became a popular music venue for many years before economic realities forced its closure in 2004.

There had been some talk of razing it, but the Nevada Historical Commission has protective covenants on the property because of grant funds awarded to a previous owner.

Ron James, the state historic preservation officer, called the plans "real progress for the property."

"I have been delighted with the progress and with the direction that has been taken," he wrote in a letter supporting the project. "Rehabilitating the Huntridge and placing it back into use will be an extraordinary advantage to the community and to the state's efforts to see significant resources preserved and reused."

The proposed plans are scheduled to be before the Las Vegas City Council Wednesday.

Mayor Pro Tem Gary Reese said he and Mizrachi are scheduled to meet Monday.

"In these trying times, I don't know whether these people even have the money to develop it," he said. "I hope they do. That's a corner, that's an area, that really needs it."

There's been support from the city and community members, but the most important support -- financial -- is also the biggest question mark.

"Two or three years ago, it would've been a no-brainer," Mizrachi said. Now, "most of these banks, even with 50 percent [leased], they won't give you a construction loan."

Even so, he said a "worst-case scenario" would have the leasing process dragging out six to nine months.

Contact reporter Alan Choate at achoate@reviewjournal.com or 702-229-6435.