Friday, February 21, 2014

Last Minute Miracle...maybe?

In what may be a last minute miracle, Friends of the Boyd founder Howard B. Haas seems to have an anonymous buyer willing to match iPic's $4.5M offer for the beleaguered Boyd Theater. 

Still, the fact that the offer comes just a week before Live Nation's (current owner) hardship hearing with the Historical Commission and the anonymous nature of the donor, things seems fishy.

Who is the donor? Where has he or she been for the last two decades? Was Friends of the Boyd holding this card until it was absolutely needed? If that's the case, will the investment end at $4.5M ensuring that it continues to sit, or will the potential owner invest in its restoration, reopening it as the grand movie palace it once was?

These are all questions the Historical Commission will consider before it decides the fate of the historic building. Simply ponying up $4.5M so that it can be managed by an advocacy group could prove to be the iconic theater's worst case scenario, particularly if it requires just as much money or more to open the doors as a profitable venue.

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