The Community Preservation Corporation participates in financing for landmark theatre

Continuing nearly a 20-year tradition of improving the landscape of downtown Syracuse, The Community Preservation Corporation (CPC) recently announced it has closed on a $2 million participation in a $9.2 million construction loan led by M&T Bank to rehabilitate the city's renowned Landmark Theatre. Located at 362 South Salina St., the Landmark Theater was constructed in 1928 as a palatial movie theater known as the Loew's State Theatre Building. It was commissioned by theater magnate Marcus Loew and designed by architect Thomas Lamb, one of the nation's pre-eminent theater designers. The building - currently used for a variety of entertainment programs, community uses, corporate events, graduations and weddings - attracts about 250,000 people every year. The project involves a unique partnership between CPC and a consortium of local banks that will provide construction and permanent financing. In addition to M&T and CPC, the financing partners are Key Bank and Alliance Bank. Heuber-Bruer Construction Company, Inc. will serve as the project's contractor/construction manager. Nick Petragnani, vice president and regional director of CPC's Syracuse, Central & Western New York offices which handled the loan, said, "CPC is especially pleased to make this financing possible because it will assure future generations will continue to enjoy this remarkable, palatial space. The theatre is one of Syracuse's treasured landmarks and its restoration is part of the exciting rejuvenation of the downtown that is underway and which CPC has played a significant role." The scope of the renovation will involve the demolition of the existing backstage area and reconstruction of a new, larger stage house that will accommodate a greater variety of live performance productions including Broadway type shows and other large-scale events.