Vancouver’s Rio Theatre is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows. (Google Image)

Rio Theatre a step closer to being saved after mortgage approval

A months-long fundraising campaign brought in more than $500,000 for a deposit on the property

The operators of one of Vancouver’s last independent movie theatres have been approved for a mortgage to buy the beloved cinema.

Corrine Lea says she’s optimistic about the Rio Theatre’s future after being approved for a mortgage from Vancity credit union earlier this week.

Lea said in February that she and her business partner had put in a multi-million dollar offer to purchase the 80-year-old cinema in east Vancouver and save it from development, but the exact purchase price has not been revealed.

A months-long fundraising campaign brought in more than $500,000 for a deposit on the property, and Lea says investors have also vowed to contribute hundreds of thousands of dollars.

She says she’ll remove subjects on the deal on Monday, then have 60 days to come up with the rest of a $3 million deposit.

The Rio is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: Man killed in shooting at Abbotsford bank

Police believe incident on Thursday night to be targeted

Langley Township council hopefuls take part in Q&A

A Voter’s Guide to key election questions.

Vaudeville keeps senior actors young, active

The Vaudevillians ready to storm the stage with ‘As Time Goes By’

Online fundraiser to cover funeral costs of motorcyclist killed in collision

Larry Nizio, 37, died after crash with pickup truck Oct. 12 in Abbotsford

Free ‘hoops’ fun brings Aldergrove youths together

Aldergrove Basketball Club revives the sport at Aldergrove Secondary

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

Jets score 3 late goals to beat Canucks 4-1

Winnipeg ends three-game Vancouver win streak

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

B.C. woman looks to reduce stigma surrounding weed-smoking moms

Shannon Chiarenza, a Vancouver mom of two, started weedmama.ca to act as a guide for newcomers to legal cannabis, specifically mothers

B.C. teen gives away tickets to Ellen Degeneres show, plans O Canada welcome

The Grade 9 student wanted to give away tickets in the spirit of inclusivity

Most Read