The property containing the Suzanne Roberts Theatre, the
Center City home of the financially troubled Philadelphia Theatre Company, is
up for sale at $7.5 million.
TD Bank, which foreclosed on the company for failing to make
mortgage payments, retained NAI Mertz of Mount Laurel to put the three-story
property at Broad and Lombard Streets on the market just before Memorial Day,
said John Adderly, an agent with the commercial real estate brokerage.
A spokesman for the bank could not be reached for comment
Tuesday night.
What the move means for the company was unclear. Its
representatives also could not be reached for comment.
Adderly said he visited the property, on the Avenue of the
Arts, earlier Tuesday and said the theater still appeared to be open to the
public.
The company produces contemporary plays and musicals. On the
schedule this month is the Philadelphia opening of a one-man show by the
comedian Colin Quinn that was praised by critics during its run in New York
City. That show runs from June 13 through July 6. The theater also offers
performances by other Philadelphia artistic groups, such as the Koresh Dance
Company.
The theater is named for Suzanne Roberts, wife of Comcast
Corp. founder Ralph Roberts. The couple provided a $4.5 million gift to the
company in 2006 and have been trying to find a way to continue to help it.
The company, which moved into the 365-seat venue in 2007,
was supposed to pay for the building with a fund-raising campaign, but the
economy cratered and donations dried up.
By 2012, the company owed more than $11 million to TD Bank
and stopped making payments.
The Robertses pledged $1 million over five years, and in
2012, they offered $5 million to be held as an endowment by a third party, with
the company annually receiving either $250,000 or 5 percent of the endowment,
whichever was greater.
Recently, they hired outgoing Kennedy Center president
Michael M. Kaiser to examine the company's finances and operations, and
determine if it can be viable.
Kevin Feeley, spokesman for the couple, said the report
"is almost complete" and should be done in the next week or two.
"At that point, the Roberts plan is to use the study as
a basis for their future support of the theater," Feeley said.
NAI Mertz created an advertisement that shows the front of
the theater and states that a "prime location on the Avenue of the
Arts" is for sale.
The ad describes the property as having 32,505 square feet,
including second- and third-floor offices and storage rooms.
The property also has 3,000 square feet of unfinished area
that was "planned for an additional intimate venue."
It is part of the Symphony House condominium development,
but is considered a separate unit, Adderly said.
Source: Philly.com
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