By the 1970s the Florida Theatre was in decline and on May 8, 1980 it was forced to close. The historical significance of the Florida Theatre and its architecture led to a 0,000 grant from the State of Florida and a 0,000 grant from the City of Jacksonville HUD Community Development Block Grant with an additional 0,000 from fundraising. On October 31, 1981 the Florida Theatre was purchased by the Arts Assembly of Jacksonville for million, The Arts Assembly immediately began restoring the dilapidated building with million.