In 1979, a plan to revitalize the theater by modernizing it and concentrating on movie revivals was supported by film critic and Chicago resident Gene Siskel, but it was unsuccessful within months.

[10] In January 2016, the theater was closed for renovation and brought back to life in its current state as a historical landmark and community center for cinema and the arts.

In October 1999, the Davis was put up for sale at an asking price of $1.6M with the description, "This ornate theater is waiting to be developed into a shopping mall".

[11] The realtor, Edward Vanek, showed the property to several interested developers who considered turning the complex into condominiums, a mall, or even a theater with food and liquor services.

[11] The Davis was eventually sold to developer Jim Jaeger later that year, who was rumored to be planning its demolition and replacement with residential housing.

[3][11] The property was bid on in December 1999,[15] and acquired by a non-profit, Davis Theater Preservation Corporation, headed by community resident Mary Edsey.

[16] The property was sold to Special Real Estate Services in 2000, and thereafter the theater began to show first run films once again.