By Brad Segall

NEW HOPE, Pa. (CBS) – Bucks County tourism officials are excited now that a deal has been reached to save the landmark Bucks County Playhouse in New Hope.

The future of the legendary theater had been in question since it was seized by the bank and shut down late last year. But the non-profit Bridge Street Foundation has stepped in to buy the 450-seat theater and they hope to raise the curtain this summer.

Visit Bucks County Executive Director Jerry Lepping is very pleased with the news, calling the theater a cultural icon that’s been around for more than 70 years.

“We really are looking forward to working with them. We’re going to reach out, obviously, and to include them in our marketing efforts, which extend through New York and Washington.”

The theater will be managed by the Bucks County Playhouse Conservancy and Broadway Producer Jed Bernstein. It’s believed the theater went for less than the $2.1-million asking price. Grace Kelly, Robert Redford and Walter Matthau have all performed there.