...Originally plan A, called for a nearly $2 million project to repair the music hall and bring old school big names and up and coming artists to play on the stage. The project also included, building out a restaurant and buying equipment. Flynn and Wright hoped to close on the theater by the end of July through kickstarter funding and other private donations.
Funding fell short and the duo paid monthly costs to extend the due diligence period, which ran through July.
With more than $80,000 already sunk into the theater built in 1891, plan B involves shelving live music in the concert space for now.
Instead, the focus is to open the restaurant first, generate revenue through it before turning the focus back on the theater space.
“The realization was strong a week ago, but it’s always been there on the back burner,” Flynn said. “It’s always been our plan B. We just didn’t come up with it.”
It’s all contingent on Flynn and Wright purchasing the building, which they have a deposit on.
About a year ago, they reached out to the building’s owner Dick Rizzo, who acquired the building in 2006 for $60,000. The property is set to be sold for about 10 times that.
“It’s been very stressful the last six month,” Flynn said.
They’ve talked to about 15 private investors - some in person and others on the phone. Nothing materialized as they still lacked about $400,000 to continue with renovations.
“Every single (investor) says ‘You’ve got 15 seconds to get 15 minutes, go!’” Flynn said. “It’s very stressful because, for me, I like to talk to people and see how they’re looking. Are they digging what you’re saying or not? So when you’re on the phone talking to someone from Georgia or LA or Nevada, you wonder, who is this person?”
