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

Kent to weigh in on ride-sharing policies

The district will be submitting comments to the province on what ride sharing should look like

Chilliwack prolific offender wanted yet again

B.C.-wide warrant issued for David Allen Geoghegan

One man, two women charged with stolen pickup downtown Chilliwack

None of the three have criminal history in B.C.

Enrolment, EA increases make for no surprises in updated school district budget

The budget reflects changes that were made after recieving provincial funds in December

Agassiz Community Gardens hoping to find new home at old McCaffrey school

The society has been looking for a new location since its previous gardens were sold in October

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Explosion sends B.C. firefighter to hospital

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Book a ride on a driverless shuttle in Surrey or Vancouver

Automated vehicle demos are being offered, as the two cities plan pilot projects with the shuttles

Heavy snowfall expected on the Coquihalla

Snowfall warning in effect for the Coquihalla Highway, from Hope to Merritt

Ex-Mountie investigating ‘Surrey six’ murders pleads guilty to obstruction

Derek Brassington entered his plea in B.C. Supreme Court on Friday

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

Missing man from Crowsnest Pass could be in Lower Mainland

58-year-old Stuart David Duff was last seen on Jan. 6, 2019.

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Most Read