In December 2012, UIG committed over $80 million of capital to finance the rehabilitation of Loew’s Kings Theatre. Built in 1929, Loew’s Kings Theatre is a currently vacant 83,000 square foot historic theatre that will be restored and expanded into a modern, multi-use community and live performance facility on Flatbush Avenue in Brooklyn.
|Loew's Kings Theatre Before|
The project has been on New York City’s redevelopment agenda since 2006 and is expected to stimulate commercial activity along the Flatbush Avenue commercial corridor in Central Brooklyn and create 300 construction jobs and 70 permanent jobs in a neighborhood with a 27.6% poverty rate and an unemployment rate that is 2.93 times the national average.
A historic landmark, cultural hub and celebration of community in this transitioning neighborhood, Loew’s will be the largest indoor theater in Brooklyn, and third largest in New York City, behind Radio City Music Hall and Madison Square Garden, and will dramatically alter the landscape of Central Brooklyn.
|Loew's Kings Theatre Today|
The project is a strong demonstration of UIG’s commitment to creating public-private partnerships that help transform underserved urban communities. UIG’s partners in Loew’s include: ACE Theatrical Group, a private theatrical facility development and management company, the New York City Economic Development Corporation, the National Development Council, a national non-profit community and economic development organization, the Dormitory Authority of the State of New York, and the National Community Fund I, LLC, a community development entity.
|Loew's Kings Theatre After|