|Photo by Kathryn Kirk/Borough President's Office|
Following preliminary work untaken by ACE Theatrical over the last three years, New York City has executed a 55-year lease with the Kings Theatre Redevelopment Corporation – a consortium of ACE Theatrical, Goldman Sachs and the National Development Council – to begin the full redevelopment and rehabilitation of the theatre. The project was financed through funding from the City, Marty Markowitz, the Goldman Sachs Urban Investment Group and United Fund Advisors.What about graduations?
...“Restoring the glory of the Loew’s Kings Theatre into a combination of the Beacon and the Apollo all rolled into one has long been a dream of mine and the Flatbush community—and now it is time for the theater’s triumphant ‘encore.’ Not only will the new facility be the largest indoor theater in the borough—hosting everything from concerts and plays to special events and graduation ceremonies—it will be an engine of economic growth along Flatbush Avenue and for all of Central Brooklyn.”
...The $93.9 million project is estimated to create more than 500 construction jobs and 50 permanent jobs. In addition, each performance will create additional temporary jobs for theatrical freelancers. As part of the project, the theatre will be expanded from its original approximately 68,000 square-foot space to approximately 93,000 square feet to enable it to be used as a live performance venue, with a suitable backstage area not originally part of the movie theatre. Once renovations are complete in late 2014 the theatre is expected to host between 200 and 250 performances a year.