Apple is opening a store and “event space” in 91-year-old theater in the heart of downtown Los Angeles, the world’s first trillion-dollar company announced Thursday.

The new Apple store is set to open at 802. S Broadway in the old Tower Theater, built in 1927 by architect S. Charles Lee. The announcement was championed Thursday by Councilmember Jose Huizar’s who has made revitalizing the historic Broadway corridor a central issue.

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“When one of the top companies on the entire planet says we want to be on Broadway, we want to be part of ‘Bringing Back Broadway’, it doesn’t get any better than that,” Huizar said in a statement.

Apple did not announce a projected date for the opening of its new store.

According to the L.A. Times, the move is being seen as “a declaration” that Apple has its eyes set on becoming a major entertainment creator. The tech giant’s chief designer told the Times that the new store on Broadway intends to be “in the upper echelon” of Apple stores.

According to a press release by Huizar’s office, the building will see “a major historic restoration.” The plans, which will require city approval, include revitalizing the theater’s tile exterior, its marquee and tower blade. “The new store will honor the theater’s past while creating a new space with modern amenities, such as balcony level access via elevators,” the statement said.

The Tower Theatre is owned by the Delijani family, which also owns the Los Angeles Theater, the Palace Theater and the State Theater on Broadway. The Iranian Jewish family has spent millions in maintenance and upgrades since saving the historic landmarks in the 1980s.

“It is definitely a signature moment for our ‘Bringing Back Broadway’ initiative and the Delijani family, who have been invested in preserving our historic theaters on Broadway for decades,” Huizar said. “It is proof that our collective vision and efforts on the revitalization of Broadway have paid off and will continue to do so for years to come.”

Los Angeles and Palace are rented out for film shoots, live and private events. The State Theatre is leased to the Cathedral of Faith church, according to its website.

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