Chennai: The iconic Shanthi Theatre complex owned by the late matinee idol Sivaji Ganesan on Anna Salai will soon become a thing of the past, with a mall coming up in its place.

City-based Akshaya Private Limited, has joined hands with Shanthi Theatres Private Limited, owned by the late actor’s family to redevelop the property which will contain a multiplex, with the same name.

Announcing the joint venture on Monday, G. Ramkumar, one of the managing directors of Shanthi Theatres Private Limited and the man behind the group, said that they had entered into a joint development agreement with Akshaya to develop the theatre in its new form.

The theatre, an iconic and popular building like the LIC building, is likely to be tucked away inside a sprawling complex as Anna Salai a.k.a Mount Road continues to shed its old skin for new.

“Our theatre has been an iconic structure for five decades now. We want to have more facilities along with the theatre. I assure you that Shanthi Theatre and Sai Shanthi Theatre will continue to screen movies, but in a new avatar,” he said. Akshaya plans to construct a 70,000 square feet commercial entertainment facility either as ground floor and three floors or stilt floor with four floors on the one-acre property.