Union Square Theatre, former home of the Roundabout on New YorkOs East 17th St., will soon have a new mate -- an Off-Broadway theatre to go up at the site of an old American Savings Bank.

The new theatre, which will be called the Century Center for the Performing Arts, will open with Minor Demons March 4.

As reported by the New York Post, House of Blues Entertainment has sold the property to real estate magnate Steve Roth, of Vornado Realty Trust. Roth's wife is a theatre producer and had been eyeing the space for over a year.

House of Blues had originally wanted to turn the American Savings Bank building into a big club for rock and blues concerts, but community protests quashed that deal. Said Robert Walsh, of the Union Square Business Improvement District, "This is a reinforcement of a growing arts, academic and entertainment flavor of the neighborhood." Though still not a hub of theatrical activity, the area does boast the Variety Arts Theatre and the Vineyard, with Classic Stage Company also nearby.

--By David Lefkowitz and Kevin Reardon