Offer to buy Rio Theatre accepted
Operators buying building
The operators of one of the last independent movie theatres in Vancouver say their multimillion-dollar offer to buy the aging cinema has been accepted and now they have 60 days to finalize the deal.
Corinne Lea says she was biting her fingernails Wednesday while she and her business partner waited to hear if their offer for the Rio Theatre in east Vancouver, which had been put up for sale by their landlord, would be successful. She had feared it would end up in the hands of a developer who would likely tear it down.
When approval came through, Lea says she and the staff enjoyed a bottle of hastily purchased Champagne and then she turned her attention to financing the purchase, which she will only confirm is above the theatre’s $4.3-million assessed value.
Public support for the 80-year-old cinema has been overwhelming, from financial donations to offers of partnership, and Lea says there are plans to create a non-profit society so donors will own a share of the building.
One of Lea’s first decisions, as her own landlord, is to double the Rio’s rent, a move she admits will put a burden on the business, but she says she has to be realistic.
The Rio is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows, and Lea says details about how the public can participate in fundraising or other events to save the theatre will come soon. It is known for its lively late-night screenings of cult classics, science fiction and horror movies.
Actors and directors, including filmmaker Kevin Smith, had thrown their support behind the beloved east Vancouver theatre.
More than 20,000 people signed an online petition to keep the theatre open.
Smith, director of comedies Clerks and Jay and Silent Bob Strike Back, said on Twitter he would be happy to hold a benefit screening to raise some cash.
The Vancouver Film School alumni and self-professed “Vancouver lover” said he can’t afford to buy the building himself.
“I haven’t had a hit movie in years!” he tweeted, adding: “Wait a second: Have I EVER had a hit movie?”
The prospect of the theatre’s closure prompted an outcry from local film lovers and industry members.
Neill Blomkamp, director of sci-fi movies including District 9 and Chappie, also offered to help on social media, suggesting a showing of short films made by his Vancouver-based Oats Studios.
Actors who shared a petition with their Twitter followers to save The Rio include Elijah Wood, who played Frodo Baggins in Peter Jackson’s Lord of the Rings trilogy, and Vancouver-born Finn Wolfhard, the 15-year-old star of Stranger Things and It.
James Franco, who portrays Tommy Wiseau in the Academy Award-nominated The Disaster Artist, said he went to a screening of The Room in Vancouver and was blown away by the electric atmosphere in the crowd.
The City of Vancouver says a developer would have to include a movie theatre on the property, but The Rio’s operators say that didn’t ensure the same size or a live performance space.
The Rio has faced challenges before. In 2012, Lea won a lengthy public battle to update B.C.’s liquor laws and get the theatre licensed to sell booze.