A new owner means new plans for Flushing's landmarked RKO Keith's Theater. Plans to redevelopment the 85-year-old site by constructing a new residential building atop it have been in the works for more than seven years, and in December, JK Equities bought the site for $30 million. The original plan called for the 350 new units to be rentals, but Crain's reports that JK Equities will be making them condos. The new 17-story structure will rise above the historic theater, which will be incorporated into the building as the lobby. The development will have 23,000 square feet of retail as well as 385 parking spaces. During construction, a "protective shell" will be built over the 1928 structure to protect it, but permits are not yet in place, so work will not begin until next year.