Victory Gardens Theater Selling Gardens Greenhouse
By: Chicago News Desk May. 02, 2008
Victory Gardens To Sell Greenhouse
Building to Remain a Theater Complex for 25 Years
Purchasing the building are Chicagoans William and Wendy Spatz, of Spatz Development LLC, for an independently appraised value of $2.25 million. The sales contract, which is subject to the approval of key lenders, includes a special covenant stipulating the Greenhouse must be maintained as a live theater venue for the next 25 years.
According to Wendy Spatz, Vice President of Spatz Development, "We look forward to managing the Greenhouse by following Victory Gardens' model. We plan to honor and keep the Greenhouse name, operate as a non-profit theater, invite the five current resident companies – Eclipse, MPAACT, Remy Bumppo, Shattered Globe and Teatro Vista theaters - to continue presenting their seasons with us, fulfill the terms of other license agreements negotiated by Victory Gardens, and expand the current slate of theater classes for novices
to working professionals."
Spatz, a Chicago arts patron who also serves on Victory Gardens' board, continued, "When the sale is completed, we plan to significantly invest in much-needed capital improvements to the Greenhouse, including its two 199-seat theaters, and both 60-seat studios."
Proceeds from the sale are earmarked for continued capital needs at Victory Gardens' new mainstage, the $11.8 million Victory Gardens Biograph Theater, 2433 N. Lincoln Avenue. This includes filling the gap between the $11 million that was raised and the $11.8 million in capital expended to purchase and renovate the Biograph, as well as the eventual build-out of a second floor, 120-seat studio theater. Remaining funds will go toward establishment of an endowment for the theater. Proceeds will not be used for general operating expenses.
According to Jeffrey Rappin, Victory Gardens Theater's newly elected Incoming Board President, "We are well into our second season at our beautiful new home at the Biograph, and our patrons are happy and comfortable in our expanded facility. But we still have work to do to realize our dream of making the Victory Gardens Biograph Theater an American Center for New Plays. Continuing enhancements to the Biograph and establishing an endowment – the first in Victory Gardens' 34-year history as Chicago's #1 presenter of new plays – are important steps in that process."
Victory Gardens' administrative offices will remain at the Greenhouse for the foreseeable future.
One of Chicago's most respected Off-Loop theaters, Victory Gardens is primarily devoted to new work, and since its founding in 1974, has presented more world premiere mainstage productions than any other Chicago theater. The company emphasizes the work of Chicago writers and its own 14-member Playwrights Ensemble, a relationship that helped Victory Gardens receive the 2001 Tony Award for Regional Theatre.
Victory Gardens' first home was on the top floor of the Northside Auditorium Building, 3730 N. Clark St., current location of the Cabaret Metro nightclub. In 1981, Victory Gardens moved operations to 2257 N. Lincoln Avenue, occupying the first floor facilities, with Body Politic Theatre residing upstairs. In 1995, the Body Politic ceased operations, and Victory Gardens purchased their share of the facility. Since renovating Chicago's historic Biograph Theater and celebrating its grand opening in September 2006, Victory Gardens has been managing both the 2257 N. Lincoln location, renamed the Greenhouse, and Biograph venues.
Working with a $3.1 million annual budget in 2008/09, Victory Gardens continues to expand its artistic, financial and institutional boundaries under the guidance of Artistic Director Dennis Zacek, Managing Director Marcelle McVay, Associate Artistic Director Sandy Shinner, Incoming Board President Jeffrey Rappin, Past Board President John Palmer, a dedicated staff and board, and the support of more than 5,000 loyal subscribers.
At the completion of the 2006/07 season, Victory Gardens' balance sheet showed total net assets of $9,045,793 with a negative balance of $192,321 in operating funds. It is anticipated that income and expenses in the current season will balance due to the extension of the company's current hit world premiere production of Joel Drake Johnson's Four Places, and recent challenge grants from Ensemble playwright John Logan and long-time board member Rhonda Rochambeau.
Victory Gardens Theater is designated an Established Regional Arts Institution by the Illinois Arts Council (IAC), and is partially supported by the National Endowment for the Arts, a CityArts Program IV Grant from the City of Chicago Department of Cultural Affairs, and the Illinois Arts Council, a state agency. For complete information, visit http://www.VictoryGardens.org
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