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Committee declines city purchase of Roosevelt Theater at current asking price, asks administration to pursue street-level activation and P3 options
Summary
Committee members declined to recommend the city's purchase of the Roosevelt Theater at the owner's asking price and directed staff to pursue public-private partnership options and targeted street-level activation to improve the 40th Street corridor.
The committee returned a recommendation to the full commission that the city should not buy the Roosevelt Theater at the current asking price and instead pursue public-private partnership or other options to activate the property’s street-level frontage.
Heather Shaw, assistant director for economic development, said the city’s facilities appraisal estimated the property at about $16 million, while the owner had indicated an asking price of $30 million. Shaw summarized staff options including acquisition, a public-private partnership, and negotiated leases; she warned that an outright city purchase at the owner’s $30 million baseline would be only the start of significant additional capital and operating costs.
Public commenters and business-district representatives urged activation of the 40th Street frontage and suggested uses ranging from grocery retail to artist workspaces and a cultural hub. Robin Jacobs of the 40 First Street Business Improvement District told the committee the property could become “a cultural community hub” if reactivated.
The committee approved a motion to return to the commission with a non-favorable recommendation for purchase and asked staff to continue nonbinding discussions with the owner to explore feasible street-level activation, potential ground-lease structures and public-private partnership approaches.
