Shubert Theater receives $1.5 million challenge

Amount is contingent on Minneapolis theater raising an additional $6.5 million.

Last update: October 8, 2008 - 12:24 AM

Print this story

Follow local news on Twitter

More from Local + Metro

Nearly 10 years after the Shubert Theater was rescued from Block E and moved onto Hennepin Avenue in Minneapolis, the renovation project might come to fruition.

Might.

The Shubert's Capital Campaign announced a $1.5 million challenge grant from the Kresge Foundation, based in Detroit. It is contingent on the Shubert raising $6.5 million by the end of 2009. If that happens, the Shubert would achieve its total budget of $41 million.

Colin Hamilton, director of development, said the Shubert needs about $37 million to break ground for the project and he anticipates that might happen in February.

"We are closing in on the point where we can start working," Hamilton said. "Some of it depends on the lending market uncertainty right now."

To date, the Shubert has raised $34.5 million. It's a little complicated, but the Kresge Foundation allows Shubert to count the $1.5 million in its announced total -- even though the money is not granted until the ultimate goal is reached.

The Shubert has experienced many false starts since it was wheeled into place, next to the Hennepin Center for the Arts, in 1999. Originally slated to reopen in 2003, the project has been pushed back repeatedly as fundraising fell short of targets. One key to proceeding was a state bonding approval of $12 million in 2006. This year, the project was revised to curb costs and reduce the new capacity to 520 seats from 900.

GRAYDON ROYCE

Recent Local + Metro stories

Man charged in UI vandalism pleads not guilty - October 8, 2008

Man charged in UI vandalism pleads not guilty - A Minnesota activist arrested in the 2004 animal rights vandalism at the University of Iowa has pleaded not guilty in federal court. More