The Theatre Building Chicago (TBC) is selling its physical facility to a group of art patrons and proceeds of the sale will be used to expand TBC’s musical theatre, a longtime priority.
“While the owner will change, we anticipate no change in commitment to the theatre community we have served for many years,” said Arthur Don, VP/TBC’s board of directors.
The physical facility at 1225 W. Belmont, which includes a 146-seat theatre, is being acquired by an unidentified investors operating as 1225 W. Belmont LLC Lukaba Productions.
Terms of the sale were not disclosed, except to say it was a fair market price, and the deal is expected to close in May.
Said Lubaka board president Laura Michaud,” We have spent the last several years searching for a permanent home that can serve as a base for our own productions, as well as helping us fulfill our mission of serving and nurturing Chicago’s theatrical artists.”
Lubaka produces Chicago SketchFest, which performs at the TBC each January.
The sale will relieve TBC of its landlord responsibilities by acting as the building manager and leasing agent.
“We will continue TBC’s tradition of offering Chicago’s off-Loop companies affordable performance space so that the building will continue to serve as an incubator for Chicago theatre,” Michaud said.
Meanwhile, services and facilities rentals will continue on a business-as-usual basis, as the building will remain a theatre “indefinitely.”
With profits from the sale, TBC plans to establish an endowment fund and focus on more fully developed productions for its Stages Festivals of musicals.
Stages, which in the past had taken place in August, was pushed back to spring 2010.