RISE: Capital Campaign

Those of you who have been part of ART for many years know we’ve had significant struggles and windfall support to get where we are today. Here is a summary of key turning points in recent years that have  led to where we are now:

• In 2018, the company was hard-pressed to pay off an IRS lien filed for lapses in its payroll tax filings going back to 2012. Facing financial difficulties, ART decided to sell the northern half of our property to stabilize finances. 

• ART received a generous anonymous donation of $7.1 million that helped pay off the mortgage, debts, and back taxes, including half a million dollars in overdue bills to vendors, a line of credit, and credit card bills.

• ART earned $9 million from the sale of the north half of our property to Wood Partners, who subsequently developed Alta ART Tower, a 21-story mixed-residence building designed to attract artists and art aficionados. We maintain a close partnership with this residence community. 

• This sale seeded funding for our RISE Capital Campaign – and the vision for renovating our theater home. With our debts cleared and business flourishing, it was finally time to look towards a vibrant future. 

• Phase I of our renovations spanned 2019-2023, preparing the property for future construction. This included moving the utilities, seismic upgrades, building a new stairwell, and the architectural design of the entire project. This cost $5.5 million. Additionally, we had to vacate the property during this time, moving offices and producing our plays elsewhere. The cost of being out of our space for 5 years was $1.4 million (venue, office and storage rental.) We were also obligated to provide parking for Scottish Rite (which has a legal easement to one level of our parking garage), and paid $176,000 to meet this requirement while our parking garage was not available during construction.

• Phase II of construction began in April 2023 and concluded in February 2024. It cost $7.7 million and included a redesign/simplification of the project due to extreme construction inflation brought on by the pandemic. This phase delivered access to both parking garages, an elevator from the garages to all levels of the building, new restrooms, new HVAC, a vibrant exterior mural, and a completed front facade and entryway.

Importantly, Phase II also delivered an interim performance venue, allowing Artists Rep to return home to produce plays and offer rentals. This roughly finished interim venue, made possible by a generous gift from Mary and Tim Boyle and other lead donors, occupies what will be the lobby of the completed performing arts center.

Total spent to date: $21,876,000 

(At completion of Phase II, February 2024)

In the fall of 2025 we completed an updated project budget to account for the increased price of materials and services since the project was originally planned in 2019; and to anticipate escalation costs for the next two years. $11,504,266 is the price to complete the project. This includes:

• $7,799,080 hard costs – construction

• $665,640 hard cost escalation (estimated 9%/yr)

• $2,039,547 soft costs – equipment, permitting, admin

• $400,000 operational support during construction for lost parking and rental revenue, contingency, etc

• $100,000 contingency funding if we need to rent venues off-site during construction to produce plays

• $500,000 operating seed funds for first two years once open

• (Not included is est. $150k for catering kitchen equipment. Evaluating food and bar service vendor partnerships, and plan to source second hand equipment)

• After completing a business plan, a 5-year strategic plan, and an in-depth operational budget in the fall of 2025, we are now launching fundraising with private donors.

• Completion is entirely dependent on fundraising. As soon as we have the funds, we can initiate the final build-out.

Our builders estimate a nine-month period of construction. Depending on what time of year the work starts, Artis Rep may need to produce one or more plays off-site.

• Inspired by our successful ArtsHub initiative, which shared our resources with other organizations, our completed venue will be a performing arts center for locally created work – capable of serving a multitude of regional organizations, artists, and events. 

• As a performing arts center, our venue will help address the dire lack of quality, affordable rental space for performing artists in our region; ensure the venue will be vibrantly active with a variety of artistic, cultural, and social events year-round; and better position Artists Rep to thrive as a producing company well into the future. 

• Artists Rep will be the resident theatre company and administer the building and rental partnerships.

• The center will be independently named, have its own website and marketing support, and have rotating rental partners curated to maximize access to the venue and diversify its offerings.

• Donating to our general operating fund is the best way to support Artists Rep right now. It’s very important that our regular programming continues as we fundraise for the building’s completion.

• Fundraising for the Capital Campaign is currently focused on major donors capable of contributing $100,000+

• To learn more about making a Capital Campaign gift, please contact Managing Director Aiyana Cunningham: acunningham@artistsrep.org