A new wrinkle was added to redevelopment plans for the old PenMar Theatre, when the PenMar Society was given the chance to purchase the property outright from the ownership group.
“We had to pause for a minute to find out if we could get funds together to make that happen,” said Kerri Milton, spokesperson for the society.
In order to make it happen, she said, the society has created a cooperative that will allow people to buy shares, so they will own part of the downtown property.
Milton admits the amount of money they need to raise is going to be a challenge.
There are options, she said, but if the society wants to cover all costs, they are looking at trying to raise about $2.5 million.
“That will cover off all of the renovations, startup costs and purchase the property as well,” said Milton, adding that they would like to have it done by the end of June, explaining that it is about a 16-week timeline to finish the reconstruction.
“If we get done by the end of June, add 16 weeks, then we can be open,” said Milton. “The smaller auditoriums are done. The floors are done, the walls are done, the equipment is ready to get put in as are the chairs.
“So really, it is just the big auditorium and the kitchen, and of course, the front facade.”
Valley First has naming rights to the building through a sponsorship deal, as do White-Kennedy and Meiklejohn Architects for the theatres.
“Nothing changes there,” said Milton, adding that goes for the individual memberships that have been purchased as well. “Those are memberships with the society, and the society is exactly the same.”
Since the start of the project, according to Milton, they have been working on the concept that the new venue will be “your community theatre.”
Now, with the co-op style of ownership, that’s even more true.
“With the opportunity for people to buy shares in this building, it really is the community theatre,” she said.
The co-op will have its own board, which will be responsible for the shares and managing that part of the operation, while the PenMar Society will continue what they are doing and be responsible for the not-for-profit and operations of the Valley First Theatre.
“We just had a rooftop party on April 15, which was really well attended, so we are going to look at doing that again,” said Milton.
“The other thing we are going to look at is a few more lunch and learns in regards to the cooperative and what it means over the next couple of months.”