 The alarm had been risen after a photographer, Grant Sheehan, was told by the theatre's curator that the St. James was set to be demolished by the Chase Corporation.For nearly a decade, a wrecking ball sat poised above the theatre, but it was never used after the owners were finally persuaded to save the property.The company looking to build on the site, Chase, were still angered by the result, so a trade off was made by the committee vouching for the St. James; Chase would be allowed to build a tower in Wellington exceeding current height restrictions if the committee could save the theatre.