There's been a cinema on this site for 121 years but soon, no more. The Cinematograph Theatre was built in 1912 then demolished in 1935 for this huge brick palace to be built in what seems to me (as a new expert on the speed of building works) like record time, since it opened in April 1936. The new Ritz could seat 1,654 people and had a café 'for the convenience of patrons'.

After only 18 months, in October 1937, it was taken over by Associated British Cinemas who, a whole 18 years on, renamed it ABC. Bad idea - a few days later the auditorium was seriously damaged by fire. It lost all its ornate decoration and took six months to repair. The organ was sold back to the John Compton company for spares.

Despite the loss of glamour, Elizabeth Taylor and Richard Burton showed up for the world premiere of 'Dr. Faustus' in  October 1967 but the decline continued and in 1975 it was converted into three smaller auditoriums, maximum capacity down to 963.

Over the following 25 years it was called Cannon, MGM and ABC again, depending on who was winning the tussles for ownership. In 2000 it was the Odeon's turn and they converted it into six screens.

The Odeon's lease expires in 10 months' time and after seeing various council officials and surveyors wandering round the warren of a building where I work, which shares several unexpected party walls with the Odeon, I've belatedly discovered that the city council plans to demolish the cinema and spend £37m creating a new building with a community hub on the ground floor and 145 hotel apartments with en-suite kitchens on the upper five storeys.

The council is involving not-for-profit MakeSpace to manage the ground floor. I approve. Their remit is to 'reanimate' underused short- or longer-term spaces across Oxfordshire and make them affordable for 'purpose-led organisations and individuals delivering positive impact to their communities'. They build green and lobby for social justice. They've done good things elsewhere in Oxford and this development will provide affordable, hireable space for community groups and social enterprises as well as opportunities for entertainment.

The project 'construction employment plan' includes construction apprenticeships as well as trainee positions at the hotel and a commitment to pay hotel staff at least the Oxford Living Wage (a bit more than the minimum wage).

The 40-year lease to manage the apart-hotel will earn revenue for the city council and is a direct swipe at those buying up family houses for short term Airbnb lets.

But all this won't get planning permission before next summer and construction won't start before September. Then there will be three years of noise and disruption. And doubtless also cracks in the party walls.

And, if my expertise is anything to go by, it will end up taking 5½ years and costing £73m.