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I finally got around to comparing the old photo I had to current street views and I did find the building. See the comparison photo below. The address seems to be 106-108 N Michigan. For now I am still running under the assumption the RP and Shelby were the same theater.
The Gem Theatre was opened prior to 1926. Around 1938 it was renamed Shelby Theatre. It was still open in 1957. May be known as RP Theatre also.