The threat of redevelopment that’s hung over the Rio Theatre for 11 months appears to have passed. Theatre owner Corrine Lea announced late Wednesday that her bid to buy the 80-year-old movie venue was accepted by owner and theatre magnate Leonard Schein.
“Well folks thanks to all of your AMAZING support we have an accepted offer to buy the Rio Property!!” Lea said on Facebook. “It's official the landlord gave us priority over the other offers so we have sixty days to pull this off! And it ain't cheap! But we have a creative plan that we're excited to announce! Details coming soon!”
Lea was short on details when reached by the Courier late Wednesday afternoon other than to say she had met with Schein the day before, and that a “creative solution” was being sought to keep the theatre in operation.
She did say, however, that Schein had fielded more than one offer on the property, which is near the intersection of Commercial and Broadway.
“That changed the dynamic and changed our pitch, we had to re-think it,” she said.
Last week Lea told the Courier she expected the offer to be somewhere around $1 million. On Wednesday, she characterized her sales pitch, which appears to include a team of investors, as follows:
“It would be a way that we can make this happen without crippling ourselves financially.”
We made a creative offer on a creative business model.... And it was accepted. We need to get onto the next phase and we have a limited amount of time to do it. Let's keep #savetherio love happening and make this happen. @VFS pic.twitter.com/nN20oDzH4H
— Rio Theatre (@RioTheatre) February 8, 2018
Theatre groups, community advocates and Hollywood celebrities — including Kevin Smith and Elijah Wood — have pledged their support for Lea’s efforts since news of the theatre’s potential sale hit the media two weeks ago. A petition effort was launched, and had more than 20,000 signatures as of Thursday morning.
The land is assessed at roughly $4 million, and Lea’s lease has another eight years on it. The property has been owned by Schein since 2011. Lea and a group of about 10 other investors first purchased it in 2008 but sold it to Schein when the market for single-screen theatres took a nose dive.
She’s continued on as the operator and manager since.
More to come.
