In 2011, the JPR Foundation purchased the building and began restoration on it.
The restoration was estimated to cost 3.5 million USD.
The building had failed ceiling trusses and a leaking roof which were repaired.
The façade of the building was restored to its original appearance as it was first built in 1930.
A recreated blade sign and marquee with 347 lights and 500 feet of neon was added to the building.
A grand relighting ceremony was held on April 21, 2012.

In 2013, the JPR Foundation opened the theater for public tours of its restoration process.
The foundation will be offering twice-monthly tours to promote its  fund-raising campaign.
The interior is currently under construction, exposing beams, stained walls, and faded paint.
The public tour includes 144 steps to climb to the top of building.
An elevator is not present in the building, but one will be installed as part of the restoration.

Actor Jim Belushi was to perform a benefit concert at EdenVale Winery in the summer of 2015 as a part of the Holly Theatre restoration efforts. "
He came and fell in love with the theater", Randy McKay, executive director of Jefferson Live!,
told the Mail Tribune.
 McKay credited Belushi with greatly expanding the donor base for the restoration project and helping to secure and retain state funding.
 As of November 2018, restoration work was expected to begin very soon, possibly in December.
In 2011, the JPR Foundation purchased the building and began restoration on it. The restoration was estimated to cost 3.5 million USD. The building had failed ceiling trusses and a leaking roof which were repaired. The façade of the building was restored to its original appearance as it was first built in 1930. A recreated blade sign and marquee with 347 lights and 500 feet of neon was added to the building. A grand relighting ceremony was held on April 21, 2012.
In 2013, the JPR Foundation opened the theater for public tours of its restoration process. The foundation will be offering twice-monthly tours to promote its  fund-raising campaign. The interior is currently under construction, exposing beams, stained walls, and faded paint. The public tour includes 144 steps to climb to the top of building. An elevator is not present in the building, but one will be installed as part of the restoration.
Actor Jim Belushi was to perform a benefit concert at EdenVale Winery in the summer of 2015 as a part of the Holly Theatre restoration efforts. "He came and fell in love with the theater", Randy McKay, executive director of Jefferson Live!, told the Mail Tribune.  McKay credited Belushi with greatly expanding the donor base for the restoration project and helping to secure and retain state funding.  As of November 2018, restoration work was expected to begin very soon, possibly in December.
Holly Theatre (Medford, Oregon)