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.