1972 photo of the Balboa Theatre at 868 4th Avenue. The historic theatre opened in 1924 as a vaudeville house. It was remodeled and reopened in 1934 as Teatro Balboa. In 1959, the Russo family acquired the building and operated it as an action movie house until 1985 when it was acquired and closed by the City's redevelopment agency. After many attempts for private development, in 2002 the City committed to retain it as a community asset and invest in its renovation. The Balboa Theatre reopened in January 2008.