The white-washed walls of the historic Roxy Theater near East Nashville are cracked and dingy from decades of neglect.

Its rusted, empty marquee looks over a neighborhood built after World War I that once supported a small, thriving business district. Now, water damage permeates the building and trash is piled in forgotten corners.

But there's still life in the 79-year-old theater.

Renovation is set to begin early next year to repair holes in the roof, tear down plasterboard covering the original red brick walls, and rebuild the marquee, among other preservation work.

The Roxy is slated to reopen as a live music venue and restaurant in 2020.

"We feel really privileged to have a building like this," said architect Jamie Pfeffer, who is working with a team of investors to preserve several historic buildings around Meridian and Wilburn streets.

"This was a thriving Main Street in the 1920s and we think this is an opportunity to bring Main Street back," Pfeffer said.

East Nashville resurgence

The Roxy sits on the border of the McFarren Park and Cleveland Park neighborhoods of East Nashville. The area is the latest to be drawn into the region's vigorous redevelopment, fueled by a fast-growing population.

Pfeffer and local developers Rob Lowe and Elliott Kyle bought the Roxy and several properties within three blocks of the theater.

But, unlike so much redevelopment in the city, they are retaining historic properties when they bring in new businesses.

The old Meridian Cafe two blocks from the theater is set to reopen as a new eatery called Red-Headed Stranger in the small original restaurant, on a lot measuring less than a quarter of an acre.

They also brought Bark Park — an upscale, membership-based dog park and snack shop — to a corner two blocks from the theater earlier this year.

Ray of Hope Community Church, a block from the Roxy, will be remade into a Bond Collective co-working office space.

"These are great period buildings," Pfeffer said. "It's more valuable to have something authentic and original."

Sterling Sound studio moved its New York City headquarters to a new building a few blocks from the Roxy earlier this year.

Three studios in the building are encased in sound absorption materials, providing engineers a crystal clear background to put the finishing touches on songs.

"I love it here," said studio owner Ted Jensen. "No matter how loud we play in this room, they can't hear us (in the next room over). Some days we're the surgeons, and some days we're the janitors cleaning up the mess."

The Wilburn Street Tavern across from the Roxy was also recently renovated by a new owner.

Next door, country music artist Nikki Lane bought the old vacant post office, but she hasn't yet announced what will fill the space.

Folk restaurant opened earlier this year in a vacant market across from the theater. It has since been named one of America's 50 Best New Restaurants by Bon Appétit.

These developments along Wilburn and Meridian streets will be highlighted at a Nov. 15 closing block party event at the end of Nashville Design Week. Tours of the Roxy and other nearby businesses will be offered from 5:30 to 9 p.m.

'We want this to be the premier music venue'

Restaurateur Tom Morales, of TomKats Hospitality, will manage the music venue and eatery at the new Roxy Theater. His company developed Acme Feed & Seed, Fin & Pearl, The Southern, and Woolworth on 5th, and he prioritizes historic preservation.

"I grew up near East Nashville and can remember as a kid seeing a movie at the old Roxy Theater," Morales said. "The bones of the building are still in good shape. It's a mess, but the core is still there. We want this to be the premier music venue in East Nashville."

The theater has a capacity of about 500 people, making it a significant addition to the live music scene.

The front entrance to the theater at 827 Meridian Street will be entirely redesigned into a restaurant and bar. Morales said the food will be eclectic and upscale.

Visitors will walk under the marquee and past the restaurant into the rectangular music venue in the back.

"Artists want state-of-the-art equipment but they also want these authentic venues," said Lowe. "We'll bring in all the benefits of the new and retain the benefits of the old."