The nonprofit board of the Coconut Grove Playhouse has decided not to try to block the state from coming in and taking back the historic 1926 theater.
That means the state could be in charge of the facility by next week.
The theater has been closed for six years because of financial problems and there are still unresolved claims against it.
However, Miami-Dade County has set aside $20 million designated for the theater and there is a strong possibility the Playhouse could be deeded to the county by the state.
One of the very early plans calls for a smaller theater that might incorporate the existing exterior as a facade.
There have been complaints in the past that the old Playhouse is too large and therefore expensive for productions companies.
He says there have been complaints over the years that the original theater is too large for many productions.
The theater has a number of code violations since being abandoned and the building's deteriorating condition is the reason the state gave for stepping in.