Several theaters in the Downtown Crossing neighborhood have been saved over the past several years. The Opera House, of course, has been totally renovated; unfortunately, since then, the shows that have filled it have been of uneven quality. Down the street, the Paramount is about to undergo renovation, courtesy of Emerson College, which is about to begin construction next-door on a dorm/performance space.

Last on the block in need of renewal is the Modern Theater.

It's the least appealing theater, from the outside, least worthy of preservation. And, based on the photos I've seen of the interior, it's pretty much unrealistic to expect anyone to buy it and renovate it. It would cost way to much.

The city is accepting proposals for the building / land.

The Boston Redevelopment Authority is preparing to go to market with the Modern Theatre in hopes of finding a developer for the long-shuttered downtown theater, which opened in 1914.

Source: Time to put show on road - By Scott Van Voorhis, The Boston Herald