An old Toronto movie theatre has been sold, but the people who bought it are planning on turning it into something totally new that will hopefully benefit the community.

The Regent Theatre was originally built in 1927 and was once known as the Belsize, and has now been purchased by Terra Bruce Productions.

Based in St. John's and formed in 2018, Terra Bruce bills itself as a "creation company" with a roster of producers, filmmakers, musicians, singers, and actors. They create web series as well as musical performances for the stage, including the musical No Change in the Weather.

They have offices in St. John's and in Toronto, and a full studio and post-production facilities in St. John's. Terra Bruce purchased The Regent for $7.4 million.

"We are in the preliminary stages of design and development, which includes the recruitment of key personal to help with the restoration project," Colonial House Capital Limited vice president Alexander Vaccari tells blogTO.

"In terms of specific timelines, this will largely depend on how quickly we can engage the City to approve any permit and zoning requests."

Terra Bruce and Colonial House share a Toronto address at 17 Prince Arthur Ave.

It will be about two years before the refurbished theatre is reopened. They're still in the early stages of design and development, but basically plan to bring the building back to its former glory to benefit the arts community.

Formal designs for the space are still a few months away from being approved.