In 1984, the theater was listed on the National Register of Historic Places. However, the theater faced another decline in the late 80s. This time, plans included converting the property into a retail space. The Gusman Estate moved against the changes and created a non-profit organization, the Friends of Gusman, to help create funds to improve the aging building. Renovations began in 1989 to convert the former rock venue into a performing arts center. The theater reopened in 1994. The theater changed names once again to the "Gusman Center for the Performing Arts". The venue continued to concerts by the Florida Philharmonic (defunct), Annie Lennox, Luciano Pavarotti and Johnny Cash.