Councillors on the city's property and development committee voted unanimously to accept a $530,000 bid to purchase Winnipeg's Pantages Playhouse Theatre.

Alex Boersma and Lars Nicholson told the city's property and development committee that reaching an agreement with the Manitoba Centennial Centre Corp. will be their first priority if they buy the theatre. The Crown corporation runs the neighbouring Centennial Concert Hall, the Royal Manitoba Theatre Centre's John Hirsch Mainstage and Tom Hendry Warehouse theatres and the Manitoba Museum.

"They just seem to pick some very complicated projects and seem to master them. I've worked with them on some...they are very innovative," said Waverley West councillor Janice Lukes just before the vote was called Monday afternoon.

The two developers will also determine what repairs and upgrades the building needs and then begin developing the property, which comes with a large plaza across Main Street from city hall.

"What's it going to look like down the line?" Boersma said. "As far as future development, it's hard to say."

The City of Winnipeg put the heritage theatre up for sale in June, hoping to find a purchaser that will continue to operate the theatre, which also houses the offices of several arts organizations.

Boersma and Nicholson appeared before the city's property and development committee Monday to sell their bid to own and operate the theatre.

They said they plan to make a profit off the property, although they don't have firm plans in place.

Any plans for the plaza must include space for Bloody Saturday, a large public art installation that will commemorate the 100th anniversary of the Winnipeg General Strike of 1919.

"As an investment property, this thing is a massive liability," Boersma said, but he and Nicholson aren't buying the theatre as a philanthropic gesture.

Robert Olson, executive director of the Manitoba Centennial Centre Corp., spoke to the committee about the discussions with the two developers.

The Crown corporation hosts more than a million patrons at its facilities every year, he said, and he believes "the best option is to work with Alex and Lars."

CentreVentue president Angela Mathieson asked the city to impose a development agreement on the sale that would allow the city to buy the property back if Boersma and Nicholson fail to develop it.

Buster Keaton, Laurel and Hardy and Harry Houdini are among the early performers to appear on the Pantages stage. (Submitted by Winnipeg Symphony Orchestra)

"We've used development agreements on buildings far less important than Pantages," Mathieson said. "To see this [building] become vacant would be a tragedy."

She said she has no reason to doubt Boersma and Nicholson but a development agreement would protect the city.

Winnipeg Arts Council executive director Carol Phillips said she also supports imposing a development agreement on the property.

Boersma said he isn't sure a development agreement would be appropriate, and that city hall could apply conditions on the transaction that would protect all parties.

The theatre was built in 1913 and its stage hosted acts such as Harry Houdini, Buster Keaton and Laurel and Hardy during the heyday of vaudeville.