Fayetteville's TheatreSquared secures $9 million toward new home

FAYETTEVILLE -- TheatreSquared announced Tuesday it has secured a $9 million grant from the Walton Family Foundation to build its new home at the corner of West Avenue and Spring Street.

The money will be released through a 1-to-2 challenge grant, meaning the theater group will need to raise $18 million to get the $9 million from the foundation.

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To learn more about the new TheatreSquared, go to:

ournextstage.org

Martin Miller, the theater's executive director, said it plans to build on momentum the project has gained.

"It's a wonderful jumping-off point," Miller said. "It really demonstrates the leadership role the foundation has taken."

The foundation has already given the nonprofit group $3.5 million to design the theater through its Northwest Arkansas Design Excellence Program. London-based theater planners Charcoalblue and New York-based Marvel Architects have put their heads together for the 50,000-square-foot building.

"Generations of Northwest Arkansans who attend performances in TheatreSquared's new facility will enjoy a transformative arts experience -- enhancing our region's high quality of life and vibrant sense of place," said Karen Minkel, Walton Family Foundation home region program director.

TheatreSquared is finalizing commitments from major public and private funding sources to match the foundation's challenge and break ground this year, according to a news release. A fundraising campaign will go public this spring.

Miller estimated the project's cost at $31.5 million. The building is on schedule for a 2019-2020 season opening, Miller said.

Venue plans call for two theaters, a rehearsal space, offices, education and community space, design workshops, eight guest-artist apartments and a cafe and bar.

The building, just across the street from TheatreSquared's home at Nadine Baum Studio, indicates a blossoming performing arts scene in the city and region, Miller said.

"It's hard to keep up, but that's a good thing," he said.

Steve Clark, Fayetteville chamber president, said people from out of town might go to the venue to eat, see a show and experience the city.

"While they're sitting there, they say, 'You know, this might be a good place to live,'" Clark said. "So, from a Chamber of Commerce perspective, we are thrilled with that announcement."

Clark described Tuesday's announcement as a "game-changer." The new theater will create permanent jobs and will become a major source of revenue, pride and service to the community, he said.

"I'm looking forward to being there on opening night in 2019," Clark said.

NW News on 01/18/2017

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