The Uncertain Fate of Champaign’s Art Theatre and Art Movies
The operator of Boardman's Art Theatre in Champaign is apparently looking to relocate as the building's owner looks for either a new tenant, or to sell the facility for another use.
Owner David Kraft says the rent of 4 dollars a square foot he's charging isn't near the market rate... and he can't afford to charge that little when factoring in expenses like real estate tax, water, trash, and sewer rates. Kraft says he's made operator Greg Boardman an offer of just under 9-dollars a square foot.
"If he won't pay that and no one will pay that, then I think everybody needs to look and determine if there's demand for this, if there's sufficient interest," Kraft said. "If no one is willing to pay near market rent, then maybe we do have to look at different ideas."
Kraft suggests there may not be room for a movie theater anymore when considering what other downtown businesses are paying for first floor retail space. He's looking to sell the Church Street building for just over $1 million.
Kraft says he's drawn interest for other theater operators, but nothing concrete.
Boardman's lease on the Church Street location expires in December. He couldn't be reached for comment, but the co-owner of a building across the street... Bill Capel... confirms Boardman toured his facility last month. That building houses the old Rialto Theater. Capel says any talk of moving Boardman's there would include extensive talk about renovations.