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The facility at 1410 Post Road, closed since 2011, will re-emerge as a state-of-the-art facility for film events, live performances, and educational programs.
Kleban Properties acknowledged the theater is "in need of significant repairs and upgrades."
“It’s a once-in-a-lifetime opportunity for us," said SHU President John J. Petillo.
Though GE's exit from Fairfield is expected to have adverse effects on the market, residual pent-up demand from 2015 should help raise leasing activity levels this year.
Plan promises more tax revenue and employment for town — but only if GE agrees to sell.