By 2014, The State Theater had fallen into disrepair and was purchased by Alley A Realty. They are a family business who specializes in historic preservation and redevelopment. They are working with the State of Minnesota and the U.S. Department of Interior to restore the exterior and interior to its original condition.

Thanks to all who came out to experience the relighting of Ely's Historic State Theater Marquee! Highlights of the evening included the smell of freshly popped popcorn, a special appearance by the Ely Timberwolf, writing memories of past times had at the theater, and many, many smiling faces!