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Architect [[J. P. MacNeil]] bought the theater in [[1997]] for only $25,000 — just half the appraised land value — due to the amount of interior work needed. He and his brother, contractor [[Mark MacNeil]], put over $200,000 of work into the building, including the creation an 1,800-square-foot, contemporary-styled apartment on the second and third floors above the entrance.<ref name="historicface"/> It was sold again in 2004 for $425,000 to [[Tim Hogan]], the current owner, who has had stated an intention to reopen the Rex as a "high-tech, retro-themed" venue for movies and concerts.<ref>[http://inewsloadedgun.blogspot.com/2006/07/rex-returns_05.html Loaded Gun, July 5, 2006]</ref> Local firm [[Bounds Architecture Studio]] began new renovation work,<ref>[http://www.ci.pensacola.fl.us/upload/images/CommunityDevelopment/PDFs/MAD.pdf PDF at City of Pensacola website]</ref> and [[Rick Outzen]] reported on [[Rick's Blog|his blog]] rumors that the Rex might reopen as a live music venue by the end of 2007.<ref>http://ricksblog.biz/?p=1596</ref> [[As of 2010]]This plan never came to fruition, however, and in 2012, Tim Hogan sold the Rex to Harvest Outreach, Inc for $425,000. Harvest Church acquired the Rex remains unopened inAugust 2012 and is has made plans to restore it to a theater once again . Their website <http://www.rexpensacola.com/rex-story> states that they are going to restore the façade to its 1930’s art-deco design and renovate the interior to include a large main theater, a 2nd floor café, and a rooftop patio-style space for special events. The website says the Rex will be a venue for Harvest Church, for small-scale live theater, and for salemovies, concerts, and other special events.