Posted: Monday, December 26, 2011 4:30 pm | Updated: 6:30 pm, Mon Dec 26, 2011.
The show will go on at the Bucks County Playhouse.
In a coordinated effort by the Bridge Street Foundation, Broadway producer Jed Bernstein and?Bucks County Playhouse Conservancy founder Peggy McRae the beloved theater has been purchased.
The sale was finalized on Friday, according to statement released Monday.
"We love this area and are excited to be able to bring back the theater," said Kevin and Sherri Daugherty, founders of the Bridge Street Foundation, in a statement.
"There has been a tremendous show of support for this effort by the local community."
Bridge Street is a nonprofit, family foundation, which was established to support the local community through the acquisition of important historic landmarks and aiding their transition into self-sustaining contributors to the community, according to the statement.
It is reportedly the driving financial investor in the playhouse deal.
The nonprofit takes its name from the street that bridges Lambertville, N.J., and New Hope.
The foundation has separately acquired the former Playhouse Inn property next to the theater.
Regarding that acquisition, Kevin Daugherty said in a statement, "Our interest in the neighboring property is to provide improved waterfront access in a way that is complementary to the playhouse and is consistent with the borough's planning goals. Renovation of the building is expected to be a longer term project. The more immediate need is to get the Bucks County Playhouse open in time for the 2012 summer season."
The group has also recently purchased the First Baptist Church of Lambertville, now renamed Lambertville Hall.
Conservancy founder McRae could not be reached for comment Monday.
The future of the Bucks County Playhouse has been uncertain for much of the year.
Since the final curtain fell following last Christmas season, the drama has intensified over 2011.
Bucks County Playhouse, once known as America's most famous summer theater, was a pre-Broadway venue premiering well known plays such as "Harvey" and "Barefoot in the Park."
The property was reclaimed by the bank at sheriff's sale, and several big investors have spent the year vying for the historic, 450-seat facility on the banks of the Delaware River; all with big dreams of a revitalized summer theater.
But other potential investors backed out of their purchase plans for the playhouse, citing the millions of dollars needed to repair the old grist mill and get quality shows up and running.
For months, the conservancy and another community based group, Center for the Performing Arts of Bucks County, have separately worked toward the playhouse purchase by asking for community donations and laying out artistic visions for the theater's future.
Center for the Performing Arts of Bucks County founder Howard Perloff said Monday that he will support the conservancy, and will return the funds he had already raised as capital.
"I am happy that the playhouse has been saved," said Perloff, of Solebury. "I hope I can have some participation in the future productions of the playhouse. If my help is needed, I am there."
After dropping the price several times this year, the landmark theater was most recently listed at $2.1 million.
The theater was purchased Friday for less than $2.1 million, said Jim Gorecki, exclusive sales agent for Fidelity Commercial Real Estate, an affiliate of Stonebridge Bank.
Though he would not disclose the final purchase price, Gorecki noted it was a cash transaction, and financing was not involved.
Gorecki was pleased with the purchase, and said that, although it was especially challenging in such a tough economy, the bank had been committed to finding a buyer who would conserve the theater for the arts.
An engineering report, compiled by the conservancy, estimates the theater needs $1 million to bring it up to building codes. The bulk of that cost includes fire detection and sprinkler systems and Americans with Disabilities Act compliance.
It would cost another $1 million to replace the roof, paint and repair the exterior, refurbish the seats and replace the dressing rooms.
At the artistic direction of Broadway producer Bernstein, the conservancy aims to have the playhouse packed with plays, musicals, solo artists, speaker forums, theater camps and children's theater year-round.
It also seeks to return the theater to Actors' Equity status.
Plans for the iconic theater's return in summer 2012 are already in the works.
Announcements about future programming will be forthcoming in early January.
Borough council President Sharyn Keiser lauded the Bridge Street Foundation, producer Bernstein, and conservancy founder Peggy McRae for their success in saving the playhouse.
"It's a phenomenal start for the (new) year," said Keiser. "The playhouse was the jewel of New Hope, and it's going to be brought back to that."
A revitalized playhouse will not only mean a renewed spirit for residents and regional theater-lovers, but also an economic boost for small businesses and restaurants, she said.
"It's a win-win," said Keiser. "New Hope is known for the theater, and it's back."
"It couldn't be any better."
Amanda Cregan: 215-538-6371; email acregan@phillyBurbs.com; Twitter, @AmandaCregan
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Source: http://c.moreover.com/click/here.pl?r5665297021&f=378
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