To quote a famous movie, carpe diem.

That seize-the-day attitude was the philosophy movie buffs "Red" McMonagle and his wife, Linda McMonagle, found themselves adopting when looking for new jobs. They had just sold the Feed Store in Minnetonka, where they sold bird feed (among other things) for nine years.

The two had always loved going to movies, Linda enjoying heartfelt dramas. In fact, it was a tradition for them to go every Sunday afternoon.

The cinema lovers thought: Why not invest in a movie theater? They checked out one that was sold before they could buy it. Then, they heard about the State Theater in Hutchinson.

After sitting vacant for six years, the ailing 1937 building — which came with a movie theater, a handful of offices, retail space and six apartments — would need a major renovation. The couple wondered if it was more than they could handle.

But as in so many movies they had seen, with great risks come great rewards. So the McMonagles decided to go all in, purchasing the building in 2003 and moving to Hutchinson. They not only would get a movie theater, as they had hoped, but it also became important to them to rehab the apartments, with a more modern footprint.

"I didn't want to buy it at first. It was Red's idea. We wanted to do a business together and we loved movie theaters," she said. "He thought this would work, and we really have always loved movies, and he wanted to do something too with renovations."

Labor of love

Linda thought it would be an adjustment to move to a downtown apartment in Hutchinson after having lived on a wooded lot in the Twin Cities suburbs. She worried it might be noisy, but she fell in love with their new residence and the city of Hutchinson.

"I was very nervous about moving to a city street," Linda said. But "we have a park across the street, and it is the prettiest park. ... It's nice to look out and see greenery."

Their time renovating the space and operating their businesses has been a dream, Linda said in a phone interview while sipping her morning coffee in her apartment.

The couple had plenty of renovation experience under their belts before they bought the theater. They rehabbed their old 1850s log cabin in Dayton, Minn., which took 12 years to complete.

The couple sold that home "many years ago," but when they set their sights on the State Theater, they knew it was their next passion project.

"Virtually everything in the building was full of mold, lead paint, asbestos. We had to gut it and start all over again," Red said.

Fresh spaces

As with many of their projects, they learned by the seat of their pants, Linda said.

They gutted the spaces and updated the mechanics right down to the sewer lines. The area right above the theater, previously six apartments and four offices, was turned into four large one-bedroom, one-bathroom units with radiant floor heating and in-unit laundry. The couple added new appliances and cabinetry and remodeled the bathrooms.

Three of the apartments now have access to a rooftop deck, while the other one has window views of the city square across the street. There's now sound insulation in the walls and floors so noise from movies played downstairs isn't heard in the apartments, Red said.

The couple created a luxury apartment to live in, modeled after their previous home in Minnetonka. It has tall, arching ceilings centered around a skylight and a large fireplace. The bright space has a patio door opening up onto the rooftop.

During the course of their work, they found a hidden, unused space on the second floor over a stairway that they converted into their apartment laundry unit.

"Sometimes you just have to look at something and figure out something that's new or different that you can make good use of," Linda said.

It's alive!

With the theater, the McMonagles put in everything new from the seats and screens to the concession stand and popcorn maker. With all the updates, the couple felt strongly that one thing had to remain standing — the original marquee with neon lights, Red said. It was one of the features that drew them to the building in the first place.

The couple's efforts to "resurrect" the shuttered theater and building spaces paid off in more ways than one. After taking almost two years to update, the 12,454-square-foot building — and the reopened theater — were recognized by the community. "A showcase for local historic preservation as well as an ongoing business in downtown Hutchinson," read an article in the Hutchinson Leader.

'Turnkey' ready

The McMonagles, both 79, are looking at the next phase in their life, and so they've listed the property about 1½ hours west of the Twin Cities for $1 million.

"We were getting tired and thought we should retire," Red said. "It was a happy life for years."

Like Red and Linda, the next homeowners might find themselves playing many roles if they choose — as landlord of the apartments as well as office and retail spaces (now leased to a salon) and movie theater worker. For years, the McMonagles were the only two working at the theater, doing everything from cleaning and starting the movies to making the popcorn and selling tickets.

They said things are set up so that the next owner can jump right in knowing that the businesses and residences can sustain themselves.

It's a "turnkey multifaceted business" with a short commute if you choose to live in the luxury apartment above the theater, Red said. "It's up and running and making a profit."

In addition to built-in residences and businesses, the property comes with a three-car garage. Community spaces include a large elevator for easy move-in.

The McMonagles don't have a retirement date pinned down and say they'll be around after the sale to show the new owner the ropes.

They'd like to pass it on to someone who wants to continue the building's operations.

"It's been a wild adventure," Linda said. "I'm going to miss our popcorn. It's the best. People say ours is even better than standard movie theater popcorn."

Jenna Vikse (jennavikse21@gmail.com; 941-400-6343) of Jane Vikse Real Estate has the $1 million listing.