LOS ANGELES (CBSLA.com) — Urban Outfitters is gearing up for its grand opening Thursday at the old Rialto Theatre in downtown Los Angeles.

The theatre, which opened in 1917, was one of the hot spots on Broadway up until its closure in 1987.

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“When we talked about movie openings, searchlights, it all happened here on Broadway,” Los Angeles City Councilman Jose Huizar said.

While the theatre is now transformed into the clothing store, some of its original fixtures, such as the doors and marquee, remain.

“We’re immensely grateful because it could have fallen to the wrecking ball because not every owner is as interested in saving the theaters,” Anne Cheek LaRose of the L.A. Historic Theatre Foundation said.

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KCAL9’s Andrea Fujii reports the Urban Outfitters store is part of the city’s Bring Back Broadway initiative to make downtown a more desirable destination.

“Downtown L.A. is changing. Ten years ago, we had 10,000 people who live here. Today, we have 50,000. And the future of downtown L.A. is entertainment and shopping,” Huizar said.

Residents like Jessica Medina hope Urban Outfitters starts a chain reaction to revitalize the area.

“It’s just exciting to see the city growing a little bit, especially the downtown area,” she said.

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Other high-end retailers, such as Acne Studios and Tanner Goods, have recently opened down the street.