Stage West Theatre Purchases West Vickery Building

After a little more than 10 years in their home on West Vickery Blvd, the Stage West Board of Directors, backed by Executive Producer Dana Schultes and Managing Director Mark Shum, has officially purchased the property on behalf of the organization. For the past decade, the group has operated under a triple-net lease managed by the Ol’ Vic L.P., a group comprised largely of Stage West supporters who purchased the building for Stage West back in 2008. This move is a significant one in the organization’s history.

Benefits include:

  • Lower mortgage cost than lease rate

  • Tax exempt status on property (taxes were previously passed onto the organization as a portion of the rent)

  • Equity in property that is extremely valuable in the exponentially growing Near South district of Fort Worth.

  • Greater availability for rental by other small professional theatres and start-ups, when not in use by our own in-house productions.

Stage West wishes to extend a huge thanks to all of those who made up the Ol’ Vic L.P. “Without that group, we would probably have closed shop back in 2008. We had just moved in and were suddenly at risk to have the property bought out from under us by a Dallas realty group with a lot of money. We owe those supporters a great deal of gratitude for stepping in, pooling their funds, and purchasing the property. Over the last decade, they managed it for us and essentially paved the way for this purchase to happen. They are part of a long list of people who have significantly contributed to Stage West since its inception in 1979,” says Schultes of Stage West’s supporters.

Over the next several months, the organization’s development committee, led by Bronson Davis and Subie Green, will lay the ground work for renovations fundraising. Those projects are divided into three phases. The completed design will significantly enhance the patron experience, while also greatly improving the efficiency and layout of the 16,000 sq.ft. warehouse space which, at its origin in the 1930s, functioned as a bus garage for the city.

The company hopes this moment in history will help pave the way for many wonderful years ahead as Stage West continues its commitment to entertain, inspire, and challenge through great live theatre.

posted: 
January 23, 2018