Coral Gables’ New Theatre has been purchased by Henry and Peter Torres of Astor Development, and is scheduled for demolition January 2012, the Miami New Times reported. The 100-seat venue on Laguna Street has been the 25-year-old theater company’s home for the last 10 years but will soon be transformed into a mixed-use residential and retail property, said New Theatre board chairman Steve Eisenberg.
“They did confirm that everybody had to be out and that there wasn’t additional time that we could stay in the property, because it was indeed slated for demolition,” Eisenberg said. “We are trying to talk to them about other alternatives… either if they are aware of any other properties that they have, or ultimately to come back into whatever they ultimately build.”
Eisenberg said that the sale would not affect the theater’s season ticket holders. “We’re going to honor everybody’s subscriptions of course, and make sure that everybody gets their subscription season’s worth.” [Miami New Times]