Thursday, October 26, 2006

10th and K will have live theatre.

It's official, 10th and K will have live theatre.

I received an email from Leslie Fritzsche, Downtown Development Director, today on the progress of 10th and K.

I have been bugging the hell out of her and the person in charge of the 700 block. I spent a lot of time at all the community meetings for JKL and felt strongly about live theatre at the 10th and K site, so I wanted to keep track of all progress.

There was a possibility that the city might want a mutiplex at that site, but looks like they went with the better option. I still would like to see a new mainstream theatre on K Street (7th above Hard Rock), but this location was much better suited for the performance space

10th and K Project Staff Report

There will be two parts to the project.

Part One: The old Woolworth Building will become a 200+ ( i was hoping for closer to 300) seat live theater performance space, a "signature" Paragary restaurant with second-level lounge/bar (open to public) and patio space overlooking K Street.

The live theatre venue will operate approximately 50 weeks a year with eight performances a week. (I assume more than 1 on weekends)

It says that this project could be completed in 20 months and open for business by early 2008. Good. I would like these projects to be done by the time the Joie de Vivre opens around the same time.

The cost in redevelopment funds for the theatre is 6.75M. There is interesting part of the deal though that was also part of the cities help for 800 J Lofts. The city will receive 50% of the profit above 10% on the project.

Part Two: A 14-Story 130 unit condo tower with ground floor retail where the Hit or Miss and RiteAid currently stand. This part looks like will follow after the theatre is complete. The good news is that CIM Group, who is part of the development team, finances their own projects, so there shouldn't be any financing problems or any presold number of units to be sold.

The condo project still needs to be hammered out, so there is no financial consideration yet. Looks like that part will be nailed down in the next few months, but the theatre is ready to go with approval.

Rendering of theatre and tower in the background:

I'm digging a big marquee on the 10th and K corner. While there is no design to see yet, it should compliment the Crest, Imax, Pyramid and Esquire ones nicely as long as they do it right.


Anonymous said...

Good reporting

i hate looking @ that empty Woolworth bldg . . .

Uneasy Rhetoric said...

Brain freeze for a second. You mean the old Rite Aid (formerly Payless), I'm assuming.

This is really good news and, is it my imagination, or does the price tag seem like a bargain?

Carl said...

Excellent! I've been hoping this would happen for quite some time. Does this mean we can call it a theater district?

Dan said...

I'm excited about this project as well. I hope it really pans out.

Below is not related to 10th and K, but I thought you would be interested...
A few of projects approved at planning commission last night:

401 Broadway - Retail, 36 For-sale Lofts, and Mini Storage

Bacchus Wine Bar - Between Fins and the tracks on S street.

A few weeks ago the Stanford Lofts and E Street Building were approved. Mixed use in Alkalai Flat with lofts, appartments, office, and retail.

TD said...

^thanks for the info Dan. I've never heard of the 401 Broadway. Is that in any way connected to the Setzer property and Signature homes?

about 10th & K:

i was talking about this project with my girlfriend - we both agreed that what is really cool about it is the frequency of shows they're planning to put on there. they were talking about putting on 10 shows a week - that makes theater more accessible, and probably more affordable. i love going out and seeing shows - but it cost me over $100 last time i went to the Music Circus - i can't afford to do that more than a couple times a year. that theater/restaurant/lounge should bring a much more consistent crowd to K Street. not like the on & off situation we see now.

LivingInUrbanSac said...

"Does this mean we can call it a theater district?"

I think we maybe able to do that now. I still really hope we can get a concert hall or other large space at some point in the future.

TD - The MC is pretty $$$$. Take a look at performaces at the community center. You can get tickets for $15 on weekdays and nights, and for $20-25 for weekend nights.