The operators of one of Vancouver’s last independent movie theatres say they have received an extension from their landlord to save the Rio Theatre.
A message posted on the theatre’s Facebook page early Tuesday says the new deadline to raise $3 million to get approved for a mortgage has been pushed to April 16.
A 30-hour fundraising campaign which ended at midnight raised more than $383,000 toward a $1 million goal, with the remaining $2 million expected to come from private investors.
The operators say zoning changes have attracted developers who want to tear down The Rio for a new project.
Corinne Lea and her business partner announced in early February that their offer to building had been accepted. They declined to say how much they had bid but said it was higher than the $4 million the building was assessed at.
The 80-year-old Rio is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows.
The Canadian Press