Palace Theatre Set to Be Raised in Mid-2021
The real estate developers involved in the project have secured over $100 million from foreign investors.
By: Stephi Wild Dec. 21, 2020
In 2018, The Palace Theatre closed temporarily for renovations. In 2019, those renovations were delayed due to a setback regarding a neighboring building, as BroadwayWorld previously reported.
Now, further progress is being made on the project. According to Forbes, the real estate developers planning to lift the Palace Theatre 29-feet above street level have secured over $100 million from foreign investors.
This additional funding has come from the EB-5 visa program, which offers foreigners an American green card in exchange for $500,000 investments.
In October, lifting jacks were installed underneath the theatre. It is now set to be raised during the second quarter of 2021. The process is expected to take two weeks.
The historic theatre will be raised to create space for retail shops underneath. The theatre is also set to receive a new entrance on 47th Street with an 80-foot-long marquee, as well as added space in the wings, a larger lobby and twice as many bathrooms.
The most recent show to play at the Palace Theatre was The Spongebob Musical, which opened in December 2017 and closed in September 2018 to accommodate the renovations.
Read the original story on Forbes and learn more about the Palace Theatre in our recent installment of Theatre Stories!
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