February 21, 2018
Dear Friends of Skylight,
We have positive news to share! Today, Skylight Music Theatre closed on a sale/50 year leaseback of the Broadway Theatre Center with Broadway Theatre LLC, which will improve the property and lease most of it back to Skylight. This step strengthens our financial position, ensures financial stability and allows us to rebuild our endowment.
Skylight Music Theatre will continue to perform in the Cabot and Studio Theatres of the Broadway Theatre Center and is committed to performing there long into the future. Milwaukee Chamber Theatre and Renaissance Theaterworks will continue to perform at the Broadway Theatre Center as well.
In Skylight’s role as owner/landlord of the Broadway Theatre Center, we have been examining options for the building to address deferred maintenance, create liquidity and stabilize finances. This sale/leaseback allows Skylight to be out of the building management business, which had become a significant drain on resources. Skylight’s efforts can now be focused on our core competency and mission of producing the full spectrum of music theatre.
We are pleased to be working with Robert Joseph of Broadway Theatre LLC, who has deep experience and understanding of the Historic Third Ward and nearby areas. He joins us in our commitment to the future health of the artistic companies and patrons of the Broadway Theatre Center with affordable lease rates.
This sale allows Broadway Theatre LLC to make crucial improvements to the Broadway Theatre Center, which may include replacing or upgrading the HVAC system and elevator and renovating the office tower. In addition, the sale will allow Skylight Music Theatre to make capital improvements in the Cabot Theatre. Some of the sales proceeds will be used to acquire high quality lighting and sound systems to improve the quality of the performance experience.
We thank you for your continued support of Skylight Music Theatre.
Michael C. Lueder Ray Jivoff Jack R. Lemmon
President, Board of Directors Artistic Director Executive Director