Crosstown Arts wants to build an $11 million, 450-seat “art community theater” on the Crosstown property, according to recently released documents from the Downtown Memphis Commission (DMC).
The Center City Revenue Finance Corp., one of DMC’s many boards, will hold a public hearing on issuing $11 million in bonds for the project during its meeting Tuesday, Sept. 13 at 9 a.m.
The application for the funds comes from a company called Lost in the Cosimos, which is wholly owned by Crosstown Arts. The company plans to build the theater on the Crosstown Concourse property.
The theater would “develop the Crosstown area of Memphis as a multi-cultural community that fosters creativity, education, and diversity through the arts,” according to the application.
The theater would play host to community theater shows, national music acts, local music shows, symphony events, and more, according to a financial statement provided in the DMC application.
The company projects revenues of more than $1.5 million in a year with profits of nearly $42,000.
Construction of the new theater would be $9.7 million, according to the application. The remainder of the funds from the bonds would go to other related fees.
If the bonds are approved, construction on the theater would begin in October. The project is scheduled to be complete in November 2017.