Symphony Closes In On Fox Deal Treasurer Expects Agreement With Regal Cinemas This Week

The Spokane Symphony could reach an agreement to purchase the Fox Theater as soon as today.

Symphony Treasurer Bill Simer said Monday that he expects agreement on a deal with Regal Cinemas, which owns the Fox, to come any day.

Simer would not disclose the purchase price offered for the local landmark at Sprague and Monroe, which the symphony hopes to convert into a midsize concert hall. But he said the symphony would pay a little less than Regal Cinemas’ $1.4million asking price.

The symphony last week signed a letter of intent to purchase the historic theater. “We think it will lead to a contract to purchase the Fox,” Simer said at the time.

But just hours later, Simer canceled a news conference to announce the deal, saying Regal Cinemas had asked for a few days to review the letter.

Dick Westerling, Regal’s senior vice president of marketing, said negotiations with the symphony are continuing.

Spencer Kinney real estate agent Carlo Jensen, who is handling Regal’s negotiations in Spokane, said he is under orders not to discuss details of the talks.

He did say “there are offers on the table.”

Westerling, however, said he is only aware of one offer - the symphony’s.

Simer said Monday the symphony answered some of Regal’s questions about the proposed purchase last week and he expects to reach an agreement any day.

Meanwhile, a state deadline is looming if the symphony hopes to get a grant toward the Fox’s purchase.

A Washington State Department of Community Trade and Economic Development advisory committee meets Friday to decide which Washington arts groups to grant funds from its “Building for the Arts” program.

The program uses a competitive process to award grants of up to 20 percent of the cost of arts groups’ capital projects. Grants are only awarded every two years. If the symphony misses this week’s deadline, it could not reapply until 2002.

A grant could pay for more than $200,000 of the Fox’s purchase price. Simer said he will pitch the symphony’s project to the state, even without a signed contract with Regal.

The symphony, he said, is also asking Regal for 120 days to study the feasibility of the project before closing the sale. Until then, he said, the theater can continue to show movies.

If Regal accepts the terms, the symphony will spend the next three months studying details of turning the Fox into a concert hall. Consultants, who have yet to be hired, will study everything from improving acoustics to expanding the lobby and restrooms.

The art deco Fox Theater was built in 1931. In 1975 it was converted to a triplex, and in 1989 it became a discount movie house.

Renovating the Fox would probably cost more than $6 million, Simer said. In 1986, it cost $1.6 million to restore the smaller Metropolitan Performing Arts Center.

The Met’s seating capacity is 750. A remodeled Fox would seat 1,600 to 1,800 people.

“We are going to consult with experts to find out what it will take to make this theater workable under today’s standards, keeping in mind the historic features and evaluating the costs of renovating it,” Simer said.

This sidebar appeared with the story: FAST FACTS

Regal Cinemas is asking $1.4 million for the Fox. Symphony officials estimate it will cost more than $6million to renovate the art deco building.