BREAKING NEWS
Dreamland Sold
Rose & Crown owner buying the Dreamland Theater
By Peter B. Brace
Nantucket Independent Writer

Rick Ulmer, owner of the Rose & Crown and Fooods for Here and There, announced early Friday evening that he had signed a purchase-and-sale agreement for the Dreamland Theater Friday afternoon with its owner, Haim Zahavi.

ÒI just want to have a movie theater in downtown Nantucket and maintain it and I hope to have a ballroom on the second floor,Ó said Ulmer. ÒWe want to build that back to its former self and use it for things like junior and senior proms, and theater groups, and [we want] to put a restaurant on the third floor and just really scale the project back from what it was.Ó

Ulmer is also working on a deal with the Nantucket Islands Land Bank that would convert the current parking lot behind the theater into park owned by the Land Bank. Ulmer wants to start from scratch with the 175-year-old building, scrapping Zahavi's plan for four luxury condominiums on the second and third floors, the restaurant behind the theater and underground parking beneath the restaurant.

He would not say how much he is paying for the property nor how much capital he plans to put into the building to renovate it. Ulmer did say however, that he expects to close on the Dreamland at the end of summer and will be putting together an investment packet for people who want to help with the various aspects of the project, one of which is likely to include a stage on the second floor for performing arts uses.

ÒAt this point, I only know what I am planning on doing,Ó he said. ÒI know there's been interest in that space for a long time. My hope is with ballroom space on the second floor, I hope to put a stage up there.Ó

Ulmer's move to buy the Dreamland Theater is a byproduct of a weeklong effort by Selectman Michael Kopko, Nantucket Film Festival Founder Jonathan Burkhart, Christy Cure and Susan Carey to collect the 200 signatures needed for a special Town Meeting at which this group would seek voter approval for the town to acquire the Dreamland.

Once the town bought, or took the theater property by eminent domain, it could then hand it off or lease it to a nonprofit organization with the goal of reopening that island's historic theater and creating a permanent home for performing arts groups on Nantucket.

ÒThis all came together really quick,Ó said Kopko on Friday morning. ÒEarly this week, Jonathan and I had a meeting with some of the stakeholders and nonprofit people on the island. We discussed the potential and the possibility and I said ïshould we see if the town would like to do this' and they all said yes. And in 36 hours, we got 350 signatures; it was overwhelming how enthusiastic people are about this.Ó

But what the town's involvement in the theater would be now that Ulmer is buying the Dreamland is unclear at this point. Regardless of who acquires the Dreamland, it will require substantial renovation and repairs to bring it up to code. Real estate agent Flint Ranney who is part of the group of islanders including Kopko and Burkhart that led the special Town Meeting effort, said the property at 17 South Water St, is likely worth between $9 and $10 million. Ranney added that it could take up around $8 million to renovate the building enough to open the theater.

ÒSitting there as it is, it's going to require upwards of $5, $6, $8 million dollars to bring it up to do anything you want to do with it,Ó said Ranney.

Although the embattled Zahavi was closing in on the building permit he needed from the Building Department in early May to put a new foundation under the building, replace its first floor system and rebuild the concession stand in hopes opening for movies for at least part of 2007, he ran afoul of the town for not opening the theater for the 2006 season.

Zahavi could not be reached for comment.

For the complete, updated story, see the Independent's June 20 edition.