SPRINGFIELD, Mass. (WWLP) - A Springfield landmark is expected to reopen under new owners once it undergoes some renovations. A real estate development from Suffield, Connecticut paid $750,000 for the Paramount Theater and Massasoit House hotel block. The property has stood on Main Street and Gridiron for nearly 200 years. It opened its hotel in 1843 and was remodeled into a theater in 1929. It's been vacant for nearly a decade. The trust plans to collaborate with the real estate development on restoring the facility to what it once was. "I know they are going to see beautiful interiors of this building, former murals, there are some beautiful pictures of what the theater had in it," says new owner Kira Holmes. "And I think it is just carefully curating each piece and seeing how to restore it, rehabilitate it, and bring that historical integrity." She adds this building has the potential to attract Springfield residents and bring people in from surrounding communities to help create economic growth. Local News Headlines Local fire departments urge caution amid brush fires Historic Springfield theater to reopen after major renovation Men Wear Pink event in Springfield raises funds for breast cancer Local restaurants join fight to end veteran homelessness WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.