A yr after Kimball Bayles’ dying, his Kimball’s Peak Three Theater stays vacant.
Property house owners Murphy Constructors has obtained a number of proposals during the last dozen months from totally different events involved in leasing the 9,500 sq. toes of house at 115 E. Pikes Peak Ave., however none have come to fruition. There isn’t any debt on the constructing and really minimal repairs prices, so no rush to fill the downtown Colorado Springs house.
‘We’re choosy about tenants,” mentioned property supervisor Ryan Murphy. “We need to attempt to hold it one thing theater or theater-related, although not essentially a movie show.”
All of the proposals have been native, although there was some curiosity from exterior entities, similar to larger movie show teams.
“There have been lots of people who say they need to make it a live performance venue, a skating rink, everybody has a pipe dream, however solely a pair have been near being economically viable for us and the tenant,” mentioned Murphy, of the longtime Colorado Springs contractor.
There are three or 4 proposals in flux proper now, together with one which’s nonetheless in negotiations between actual property brokers, however getting nearer. Most events need to be open by Could or June, which implies they would want to signal a lease by March.Â
As soon as a lease is signed, relying on the tenant, inside renovations are the subsequent step, together with altering the lights and paint, updating seating and presumably the bogs and HVAC and electrical upgrades.
“We need to hold the marquee,” Murphy mentioned. “The constructing is over 100 years outdated. Itâs been just about untouched since Kimball handed.”
Bayles spent $1.5 million to renovate and open Kimball’s Twin Peak Theaters in 1994. For a few years, his theater was the one place to look at a film downtown and to see unbiased and extra obscure movies, similar to “Pulp Fiction,â âCrouching Tiger, Hidden Dragon,â âMy Large Fats Greek Weddingâ and âMarch of the Penguins.â
Round 2009 he put in a 3rd film display and altered the title to Peak Three Theater.
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