Lafayette Park Theater

The landmark Lafayette Theater and a neighboring multi-family 4-plex are unique opportunities to obtain. This investment opportunity lends itself to a multitude of possibilities like a covered play on land or purchase by an owner-user. The buildings are located in the desirable Plaza District of Lafayette, showcasing the heritage of the city and acting as a welcoming neighborhood meeting place in the center of downtown.

Visitors will enjoy the Plaza Park, state-of-the-art Library, Town Hall Theatre, various restaurants, and plenty of shopping possibilities. The Plaza District also acts as the venue for various civic and cultural activities such as the tree lighting ceremony, film nights, and summer concert series. This idyllic location offers main street charm combined with modern-day luxuries all within walking distance from both public transport (BART) and Highway 24.

The newly founded charitable Park Theater Trust has confirmed it has a $2 million contingent grant, which it says will go a long way towards its goal of preserving and renovating the iconic Park Theater at Lafayette.

“This generous anchor donation is great news for The Park Theater Trust just as we begin our fundraising efforts in earnest,” said TPTT Board Member Kathy Bowles in an announcement released Oct. 25.

The trust formed from a volunteer task force that the city of Lafayette had called together last year to discuss ways to preserve the theater for future generations. Although the theater has been shuttered since 2005, it remains a top neighborhood concern to save. The trust has a robust and growing mailing list for volunteers, yet another sign of mutual engagement. TPTT is actively seeking new members for its board of directors, in particular those with expertise in the field of construction, finance, and funds.

Cinema architect William B. David designed a classic example of the international offshoot of Art Deco, Streamline Moderne, the 250-seat theatre, completed in 1941.

The goal of TPTT is to purchase the theatre, refurbish it and then lease it to an established, for-profit operator, reopening it as an affordable and inclusive, community-centric hub for cinema, arts, and culture. The expected opening date is fall 2021, which coincides with the initial opening of the Park Theater in 1941 on its 80th anniversary.

The property’s selling price, including the fourplex homes behind the theatre, is $2.95 million. The trust budgets between $6 million and $8 million for its fundraising targets.

TPTT Member Tracey Karsten Farrell says they will start fundraising either late this year or early 2020 through grants, events, and private donations. “Once we have fulfilled our ‘hard shell’ specifications, our profit-making operator will make the requisite changes to its programming and lease the building from TPTT,” she says.

Farrell says culture is all about that. “Think about it-when the Park opened in 1941, people finally put the Great Depression behind them, but there were increasing fear and confusion about the war abroad. Having their own cinema was a real point of pride for our little burg, but also a special way to engage with each other and escape into all the fun Hollywood entertainment offered, without having to travel far away,” he said. And again she claims she can do the same.