The Government of the Student Body’s plan to buy and remodel the old Varsity Theater has been put on hold until they receive more information on the Campustown renovation from LANE4 Property Group.

“We’ve been negotiating with the Champlin family, but we can’t lease a property that is being bought,” said Anthony Maly, GSB finance director and member of the Varsity Task Force.

The theater would have a start-up cost of $185,165 and $30,000 lease estimates, according to budget memos.

The plan for the theater was to have it be a dollar theater: a cheap entertainment option for students under 21.

The theater would also provide job opportunities for business and other related majors.

LANE4 had initially proposed they would renovate the theater, the university would rent classroom space during the day and GSB would run the theater at night.

The future of the theater was questioned after President Gregory Geoffroy said the university would not be renting classroom space.

Geoffroy said last Wednesday that renting the classrooms from LANE4 would be too expensive, and the university does not need more space.

Maly said the GSB is trying to set up meetings with LANE4 and the city so it can figure out where to go with the project.

Geoffroy also said LANE4 has asked the university to close down Hotel Memorial Union if they were able to find a larger hotel chain that would come into Campustown.

“We have not yet made that decision,” Geoffroy said. “It’s a hot topic. The hotel has been here for a very long time, and it’s not used very heavily. It’s been running at 50 percent occupancy, which is very low.”