The $37 million-dollar restoration (and in some cases, preservation) was a 20-month process that began in fall 2003. When the theater originally opened in 1928, it was the B.F. Keith Memorial Theater, named after the vaudeville legend. It was mostly a venue for live theater, though beginning in the '60s, became a cinema known as the Savoy. In 1990, media Goliath Clear Channel purchased the property and in 2002, renovation officially began.
Although much of the structure was unscathed, years of neglect and an ailing roof resulted in severe damage to the theater's ornate Euro mix of Venetian palazzos and renaissance architecture. As a result of the crumbling from the top, the ceiling, which had a mural and sprawled cornice and moldings, was nearly destroyed. However, at no expense spared, general contractor Suffolk Construction hired ML McDonald, Local 534 Boston Plasterers & Cement Masons. Foreman of this company is veteran plasterer Pete Stracuzzi.