Broadway Theatre Center sold to local developer
According to a press release, Skylight Music Theatre announced today that local developer Robert Joseph purchased the Broadway Theatre Center, 158 N. Broadway in the Historic Third Ward. The 50-year leaseback sale allows the Skylight, the Milwaukee Chamber Theatre and Renaissance Theaterworks to continue to perform in the building.
"This step strengthens our financial position, ensures financial stability and allows us to rebuild our endowment. This sale/leaseback allows Skylight to be out of the building management business, which had become a significant drain on resources.
Skylight's efforts can now be focused on our core competency and mission of producing the full spectrum of music theater," reads the release, sent by executive director Michael C. Lueder, artistic director Ray Jivoff and president of the board, Jack R. Lemmon.
The new ownership will address building issues which include replacing or upgrading the HVAC system and elevator, renovating the office tower and making capital improvements in the Cabot Theatre. Some of the sale's proceeds will be allocated to purchase new lighting and sound systems to improve the quality of the performance experience.
The Skylight announced its 2018-19 season last night.
Post a comment / write a review.
Disclaimer: Please note that Facebook comments are posted through Facebook and cannot be approved, edited or declined by OnMilwaukee.com. The opinions expressed in Facebook comments do not necessarily reflect those of OnMilwaukee.com or its staff.