Some of you might have heard that the plan for the Reseda Theatre will be changing. I want to share directly with you where things stand, why this shift is happening, and assure you that my commitment to the site remains as strong as ever.
As you may remember, the Theatre was owned by the former Community Redevelopment Agency (CRA), and resurrecting it as a community entertainment destination was part of my Reseda Rising vision since 2013. When the CRA was dissolved in 2011 its fate was in question, until I was able to get the City to exercise its option in 2018 and acquire it.
At that point, I initiated an RFP for its redevelopment as a theater. The winning bid was a package deal where the Developer would partner with Laemmle Theaters to redevelop the theater and utilize the back empty lot for senior affordable housing. I was initially skeptical because it wasn't exclusively for the theater redevelopment called in the RFP. But, the Developer had a history of doing good projects and the prospect of a new Laemmle was exciting. Also, their bid was the only one submitted.
Unfortunately, when COVID hit the entire movie theater industry went into freefall and Laemmle pulled out.
So, in order to keep the redevelopment of the Theatre alive, the Developer brought on a new partner, which I supported, and led to a redesign of the project and commitment to make the Theatre into a Food Hall with two screens upstairs, which would have been a good use of the site. I focused on moving the project forward to complete the Theater rehabilitation.
Since then, over the past six years, we have been working tirelessly on a new vision to restore this vital community asset. The proposed project was dependent on tax credits and private investment that could be paid back over time through rent proceeds from the vendors. It would also need a City financial subsidy, but I was prepared to find funding.
I believed strongly in the plan we put forward with the Developer, and we put immense effort and significant taxpayer funds into making it a reality. Ultimately, it appears our development partner will likely not be able to bring the rehabilitation of the Theatre to the finish line, and we likely again have to switch gears.
I was promised that the Theatre would be fully completed and open to the public by the end of my term. It is deeply disappointing to me that, despite our best efforts, public investment, and oversight, this did not happen.
Our community deserves to see this space revitalized, and I remain fully committed to whatever I can do to advance its restoration while I’m still in office and set the stage for success.