The building was purchased by Steve Martin and Marilisa Granzotto, owners of a nearby Arthur Murray Dance Studio, and renovated at an approximate cost of CA$500,000.

By this time, The Gladstone was regularly housing twelve stylistically diverse theatre companies, with more than 27,000 tickets sold per year.

The theatre was renovated for its re-opening on September 11, 2008 with Art Deco style decoration.

[3] Former theatre manager, Don Fex, was removed for sexual harassment of a minor in August 2020.

Fex's confession in a social media post led to community backlash.