You might call it a closing that will lead to an opening—or to be more accurate, a re-opening.
I’m thrilled to announce that my business partner, Steve Stein, and I closed on a loan today that will enable us to bring the former Paramount Theater back to life. This is a project that has actually been in the works for some time now, but we didn’t want to announce it until everything was in place. We know this will be a huge boost to the economy in not only downtown Springfield, but the entire region, but more on that aspect in a later post.
The loan will enable us to update the sprinkler system to comply with new state fire code and pay The City of Springfield $210,000 to bring all taxes current. We will also use some of the money for a buyout of other partners, leaving Steve and I as sole owners of the Paramount building and adjacent 30,000 square-foot parking lot. These actions make up Phase One of the Paramount restoration.
I’ll get into later phases as they draw nearer (and we hope they’ll all be completed quickly) but for now let me just mention that Phase two will see the completion of Theater restoration, a new Marquis and an overall upgrade of the facility. Phase Three will include renovating the upper floors of the property, which runs from 1676 to 1708 Main St. into 30,000 square feet of shared office space, market-rate housing and Artisan “live-work” space that is all the rage these days.
There is also exciting news about the space that was formally "Luva" Restaurant, Which will be revealed in the next few weeks.
I’m thrilled to announce that my business partner, Steve Stein, and I closed on a loan today that will enable us to bring the former Paramount Theater back to life. This is a project that has actually been in the works for some time now, but we didn’t want to announce it until everything was in place. We know this will be a huge boost to the economy in not only downtown Springfield, but the entire region, but more on that aspect in a later post.
The loan will enable us to update the sprinkler system to comply with new state fire code and pay The City of Springfield $210,000 to bring all taxes current. We will also use some of the money for a buyout of other partners, leaving Steve and I as sole owners of the Paramount building and adjacent 30,000 square-foot parking lot. These actions make up Phase One of the Paramount restoration.
I’ll get into later phases as they draw nearer (and we hope they’ll all be completed quickly) but for now let me just mention that Phase two will see the completion of Theater restoration, a new Marquis and an overall upgrade of the facility. Phase Three will include renovating the upper floors of the property, which runs from 1676 to 1708 Main St. into 30,000 square feet of shared office space, market-rate housing and Artisan “live-work” space that is all the rage these days.
There is also exciting news about the space that was formally "Luva" Restaurant, Which will be revealed in the next few weeks.
Once Phase Two is done, we’re excited to say that the historic Paramount Theater will be back open for business. Stay tuned.
How exciting! :) Congrats! Can't wait to be there when it re opens! :)
ReplyDeleteCongratulations Mike and Steve! Im sure it will look great!
ReplyDeleteCongratulation to Mike and Steve! We've always wanted to see more shows at the Hippodrome. We're a small community of fans of Springfield musician Barry Kingston and his band The Screaming Souls. It would be awesome to see the band play in your theater when it re-opens! http://barrykfansite.tumblr.com/
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