The Regal Theater’s renovation presents a massive opportunity for South Shore residents when its long-delayed restoration is complete, panelists said at Tuesday’s forum. The corridor is also home to the Thrive Exchange, an apartment, retail and health center being funded through the city’s Invest/South West initiative. The nearby intersection of 79th, South Chicago and Stony Island was recommended as a “ destination entertainment district” by city planners in 2020. The Regal Mile Studios development - at 77th Street, South Chicago and Stony Island avenues - draws its name from the Avalon Regal Theater, though Gary and the studios’ developers have said there are no official ties between the projects. The 79th Street corridor, along which the Avalon Regal Theater resides, has received plenty of attention in recent years from the city and private investors. The facade repairs, estimated at $5.19 million, are considered “urgent” by the city and subject to a buildings court case, the Sun-Times reported in April. Gary launched a crowdfunding campaign in 2018 to raise money for the theater, but it raised just $1,175 before being shut down.Īvalon Regal Theater owner Jerald Gary presents an estimated budget at a community forum Tuesday. The theater renovation also received a $150,000 state grant for small businesses in May. Michelle Harris all met in 2018 at City Hall. Kanye West, Avalon owner Jerald Gary and Ald. The rest is dependent on additional investment in the project, he said. Kanye West, who grew up in South Shore, has put up about $600,000 of the $1 million commitment he made to the restoration in 2019, Gary told Block Club last week. Pitch users pledge funds to ideas for concerts or other events in the theater and they are charged if and when the event takes place. The coins have yet to launch, though its website references the 2020 NBA All-Star Weekend and the 2020 Year of Chicago Music. Solidblock partnered with the Avalon Regal Theater to create digital “ ArtCoins” offering shares in the project. Representatives from Pitch, a startup where patrons can suggest and crowdfund event ideas, and digital securities company Solidblock presented at this week’s forum.īoth tech companies are working to provide ways for South Shore residents and other supporters to invest directly in the theater restoration, Gary said. He’s pushing to reopen the theater by early next year if he can raise the funds and hold on to the building, he said. Gary is looking to raise $7.6 million in government funding, $5 million in private equity and $3.5 million in private fundraising for the project. Gary owes $450,000 in property taxes on the building, and liens and other expenses will cost $594,000 to clear up, according to a project budget Gary presented Tuesday. “To be completely honest, that is really a bargain as far as what these kinds of projects typically take,” Gary said.
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