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The ownership of the block surrounding the Rialto Theatre Downtown changed hands last week, as owner Doug Biggers sold his interest in the block to his partner Don Martin.

The Rialto Theatre is owned by the city and run by a non-profit organization, but the block has been owned by Biggers and a series of partners who hoped to build retail, apartments, a central courtyard and potentially a hotel there.

Martin formed a company with Biggers to buy off the $1.56 million debt that Biggers owed to his previous partner, developer Tom Powers, who sold his interest in 2007. Martin took control as Biggers agreed to sell the property last Saturday.

Martin said he doesn't have concrete plans yet for the block, surrounded by East Congress Street, South Fifth Avenue, East Broadway and South Herbert Avenue. He said he will initially stick with the plans he and Biggers were pushing: revitalizing the building surrounding the theater with retail shops, a courtyard in the middle of the block and a yet-to-be-determined development along Broadway.

Martin would not disclose the price he will pay Biggers or identify the partner he has taken on to redevelop the Rialto Block, other than to say "he's a good guy" and is excited to be a part of the project.

Martin, who owns a company that manufactures machine parts, said he thinks Downtown can be revitalized, but it may take longer than people realize.

"We'll get there sooner or later," Martin said. "I've got staying power."

Biggers also is the executive director of the non-profit organization that runs the Rialto. He said relinquishing the Rialto block will not affect his role at the theater, because the two are "totally distinct projects."

Biggers said he was disappointed about his looming loss of the property and noted that the deal isn't finalized yet.

"It's in the middle; it's not really over," Biggers said, declining to say how long it would take to close the deal with Martin. "The fat lady hasn't sung."

Martin said the deal would close in 90 days.

Biggers said he was disappointed he wasn't able to complete what he set out to do when he bought the property six years ago. He has had at least three partners during that time.

"It's been a difficult six years," Biggers said. "It's difficult to do cool projects Downtown."

He said he doesn't believe Martin is nuanced enough in his approach to historic buildings. "He doesn't seem to appreciate what the Rialto Theatre means to the community. That's my opinion. Maybe I'm wrong," Biggers said.

Martin declined to comment about Biggers or his comments.

Richard Oseran, who owns the Hotel Congress, across from the theater on Congress Street, said Biggers had his heart in the right place, but it's a tough market right now.

"The theater is a very important engine for Downtown," Oseran said. "We're very anxious to see the rest of the area get developed."