The building at 347 E. Hudson Street has seen many transformation over the years. It once was a theatre and converted to a church, and in the last few years had been worked on to shore up the structure and remove the portions of the theatre that were (to put mildly) a little too expensive to repair.
Now it looks like someone is very interested in making it a bar and entertainment venue. Take a read of the 614 Now article about the Hudson Street theatre for more information.