After city backs off purchase, historic Park Theatre in Cranston for sale. What to know.
CRANSTON – After striking out in their attempt to get a bailout from Gov. Dan McKee's "Learn365" initiative, the owners of the iconic Park Theatre – including a former city councilman – have put the theater up for sale at an undisclosed price.
Leeds Mitchell, the executive VP of MG Commercial, said the for-sale notice has elicited some inquiries since it went live online on Saturday, including "interest from folks that are in similar associated industry."
He told The Journal: "Certainly we'd love to have another theater operator come in and utilize the building and what it's set up to do as a theater. And there's other opportunities there between the café and the comedy club, and there's a full commercial kitchen to support all activities there."
"So I just think, yes, it's really set up for somebody else to come in and then utilize it in a similar capacity or put a spin on it with...their own ideas might be. It's a large venue entertainment facility," he said.
Why isn't the price included in the listing?
Why not list the price? "We'd like to start the conversation, not necessarily around price and more about what they're looking to do and their interest in the property."
"Obviously price is a lot of it, but I think everybody gravitates towards price always, and we'd rather have the broader discussion of their interest," Mitchell said.
How serious were the inquiries?
"It's early, right?" Mitchell told The Journal. "I mean, it's only Tuesday. We're reaching out to people locally, regionally, and nationally. Right? I think that it's a really nice opportunity here for somebody else to step in and hopefully maximize its potential."
Cranston was seriously considering purchasing the Park Theatre
The century-old theater was acquired by former Cranston City Councilman Ed Brady and his business partner Jeff Quinlan for $3 million on Dec. 15, 2021 from the theater's former owner, Piyush J. Patel, doing business as 848 Park Avenue Associates, which holds the mortgage, according to the Cranston recorder of deeds office.
When The Journal inquired earlier this month, the current owners were $34,135 in arrears on the city taxes and sewer fees on the theater, which has, from time to time, been forced to cancel events because of building issues.
In mid-September, the mayor's chief of staff Anthony Moretti confirmed that the city was seriously considering a purchase and redesign of the building for use as a community center/performance venue using Cranston's anticipated $6-million share of the $81.7 million in federal dollars that Gov. Dan McKee has earmarked for communities that sign his "Learn365RI Municipal Compact."
Facing blasts such as this from hometown critics – "No Taxpayer Bailouts for Political Insiders" ? Cranston Mayor Ken Hopkins put the kibosh on the effort.
While looking at options for the city's share of McKee's "Learn365" money, Hopkins said the city conducted an assessment of the cost to modify the theater "to become an active and vibrant community center. The cost to improve the facility is estimated in excess of $3 million."
“Due to this substantial cost, and any cost of acquisition, the Park Theatre does not seem to be a practical option for a community center,” Hopkins said.
Brady and his allies made impassioned pleas to the Cranston City Council last week.
"This asset, this 50,000 square foot asset directly across the street, that has over $12 million invested in it, is the right choice for the City of Cranston," Brady told the Council, according to a Cranston Herald account of the meeting.
But there was no sign of movement.
This article originally appeared on The Providence Journal: Park Theatre in Cranston for sale: How much, and what the buyer gets
