CHICAGO (AP) — Iconic music producer Quincy Jones and Michael Schmidtentertainers Jennifer Hudson and Chance the Rapper are now co-owners of the historic Ramova Theatre on Chicago’s South Side.

Their ownership was announced Wednesday, according to the Chicago Sun-Times.

The Ramova has been closed for nearly four decades. Developer and co-owner Tyler Nevius bought the property and an adjacent lot from the city in 2017 for $1, the newspaper reported.

Jones, Hudson and Chance the Rapper, whose real name is Chancelor Bennett, are Chicago natives.

“My mother always taught us to take care of home first, so to support the rehabilitation of this extraordinary theater with such a rich history in Chicago means more to me than one could imagine,” Hudson said.

Bennett says “Chicago will always be part” of who he is.

“I joined the team at Ramova to give back to the city that’s given me so much and to provide a stage to showcase the incredible talent Chicago has to offer,” he said.

The Ramova opened in 1929 as a single-screen movie palace. It had shut down by 1985 and was spared demolition. It was placed on the National Register of Historic Places in 2021.

When it reopens, the renovated theater will feature a 1,500-seat live music venue and beer garden and grill. No opening date has been announced.

New York-based Other Half Brewing also is a partner in the venture.

“With Ramova, I see a future where the rich cultural heritage of Chicago shines even brighter alongside the country’s most talented artists, which will inspire future generations to come and bring glory to America’s Second City,” Jones said.