Capitol Theatre

Ohio

DEVELOPER:

Gordon Square Arts District

BACKGROUND:

The 1,200-seat Capitol Theatre in Cleveland, Ohio showed silent films accompanied by a Wurlitzer organ until it was fitted for sound in the 1930s. In October 2009, nearly 90 years after it opened in 1921 and undergoing a $7.5 million renovation, the theater once again welcomed moviegoers thanks in part to $4.3 million in historic and new markets tax credit equity.

TOTAL DEVELOPMENT COST:

$7.5 million

KEY FINANCING:

• Federal historic tax credits
• New markets tax credits

IMPACT:

• One of the "three engines" of Cleveland's arts district
• Provides a unique independent cinema experience showing documentary, independent, and foreign films
• Restoration of 1921 theatre into 21st century cinema