HENNEPIN THEATRE TRUST TO PURCHASE FORMER SOLERA BUILDING
HENNEPIN THEATRE TRUST TO PURCHASE FORMER SOLERA BUILDING
An anticipated closing date is set for Friday, Aug. 19
MINNEAPOLIS—Hennepin Theatre Trust will purchase the former Solera building (900 and 906 Hennepin Ave.) in downtown Minneapolis. The City Council voted unanimously today to approve the interim financing for the project.
The Solera building will help the Trust advance its mission to creative positive change through the arts in WeDo™ – the West Downtown MPLS Cultural District. The unique and various spaces in the building enable the Trust to think broadly about reimagining its mission-centric programming, enhancing guest experiences, building equity in WeDo and utilizing the direct physical access to Hennepin Avenue. The Solera building is adjacent to the Trust’s Orpheum Theatre, and a portion of the Solera space will serve as offices for the Trust’s employees. In the coming months, the Trust will work with a variety of partners to explore the possibilities.
“One of the many strengths of our organization is our ability to recognize opportunities when they arise,” said Tom Hoch, Hennepin Theatre Trust CEO/President. “When the Solera building became available, we acted quickly to acquire it so we could further our mission to unite and inspire our community through arts and culture.”
The total budget for the project is $3.3 million. The City’s interim financing terms include a $2.8 million eight-year loan and a $250,000 grant to help finance the acquisition and renovation of the building. Hennepin Theatre Trust will fund the remaining $250,000 of the project with a cash payment. The Trust will initiate a fundraising campaign to repay the loan from the City.
The Trust expects fundraising, design and planning activities to begin in September and hopes to move in to the new space in mid-2017. An anticipated closing date is set for Friday, Aug. 19.
ABOUT HENNEPIN THEATRE TRUST
Hennepin Theatre Trust is a nonprofit organization that creates positive change through the arts by bringing together people, businesses and organizations in WeDo™, the West Downtown MPLS Cultural District, to create and enjoy cultural experiences.
We want everyone who comes to WeDo to have a unique experience. Our historic theatres – the Orpheum, State and Pantages – light up Hennepin Avenue with a mix of modern acts and artists. Local talent fills our New Century Theatre. Our Spotlight Education program inspires high school students through musical theatre.
Beyond our theatre doors, we connect people to unexpected arts and cultural experiences like the iconic Bob Dylan mural and our art-in-underused spaces project, Made Here. Our collaborations with businesses, artists, local officials and other arts and culture organizations bring a wide range of quality activities and entertainment to WeDo.
Learn more at HennepinTheatreTrust.org and wedompls.org.
Contact:
Dale B. Stark
Hennepin Theatre Trust
Media Relations Manager
(612) 455-9537 : desk
(612) 562-5200 : cell
