By PETE WALTON
The highly anticipated rebirth of the former Palace Theatre on Main Street in Bradley Beach has again devolved into a distant dream.
“It is with great sadness and disappointment that we must inform you that the endeavor has ultimately failed to materialize, and we are ceasing work on the project effective immediately,” the organizers of Bradley Lab LLC told members of the Bradley Beach Business & Community Alliance in a letter.
“We would like to thank you for all the support, patience and enthusiasm you have all shown regarding The Bradley cinema project over the past four years,” Luke Parker Bowles, Brandon Jones and Rich Townsend said in the letter, dated March 7.
“When we initiated this endeavor, our pre-opening costs were estimated at approximately $1.53 million. Now, with rapidly escalating costs for materials, supplies and a quality contractor, these costs would exceed $3 million. Bradley Lab, as well as its wonderful local investors and contributors to the Kickstarter campaign, have invested significantly in the Bradley (both financially and in sweat equity). As generous as our investors have been and despite our efforts, the funds necessary to complete the Bradley project are simply unavailable.”
A group of investors in the project contacted The Coaster and described the latest developments as “beyond heartbreaking.”
“There are so many people in our community who came together as supporters, advisers and investors to answer the call to save and revive the historic Beach Cinema, and bring back the power of movies to the community,” the statement from the investors said. “We entrusted Cinema Lab to understand the passion and dedication of so many and execute on that plan and we believed in their vision. To learn this week that they are pulling out of the project after four years is beyond heartbreaking. As we relied on them in good faith to manage this project responsibly and in a timely way, we have many questions that we hope they can answer. In the end, Cinema Lab left our community with a theater that is internally demolished and empty — one rich in history for the community. We look forward to working with the current owner of the building to discuss potential options for the future of the theater.”
“The news of the cinema renovation failing is very sad for all of Bradley Beach,” said Mayor Al Gubitosi. “This theater has been a part of our Main Street since 1915, and it has entertained generations of Bradley residents with its intimate setting, and its convenient access on Main Street. I know that owners and investors fought hard to help protect this Bradley Beach institution. Of course, the frustration of investors who may not recoup their investments is understandable, but I think people will realize that these people worked passionately for four years, investing money, time and energy for a wonderful cause. Personally, I think the owners of the cinema and our resident investors who helped give this project life should all be deeply thanked for trying to help our community. I’m not sure what the future holds for this property, but, as mayor, I’ll continue to do whatever is possible to protect the vibrancy of our Main Street.”
Former mayor Gary Engelstad, who was in office when the Bradley Lab group first came to town, said he was “torn between heartbreak and really being p—ed off” after hearing the latest news.
“I was optimistic about what they could do,” Engelstad said. “They seemed to really do their homework. I was so excited about it coming back.”
After the recent announcement, the former mayor has a different perspective. He doesn’t believe they were entirely forthcoming with the borough.
Calling the theater “critical to downtown Bradley Beach,” Engelstad said he was “trying to be future focused,” praising alliance President Paula Gavin and her group for their efforts.
“Paula and the alliance are doing everything they can to get the right people in the room” to discuss the future of the landmark building, said the former mayor who is a member of the alliance Board of Directors.
Engelstad said the theater is “in worse shape than when they bought it” because of demolition ahead of the extensive renovations which failed to come about.
“If they had done nothing, movies could be shown there next week,” Engelstad said.
The ex-mayor said there is “a small glimmer of hope” for the future, but he noted the challenge in getting public support for another project.
“The problem is once you’ve been burned, people are likely to say we’re not going to do that again,” Engelstad noted.
John Weber, the longest serving member of the Borough Council, expressed his disappointment as well.
“It’s sad because everyone would love a great movie theater in town,” Weber said. “I really thought the Cinema Lab folks could pull this off. It’s extra sad to me because the town had recently purchased the church property. Then shortly thereafter, this theater closed and many said we should abandon the idea of a community center at the church and save this theater. Now we will have neither. I’m glad though that the council prevented a lease agreement with the theater that would have cost taxpayers $300,000 over seven years.”
The Bradley Lab principals said they are in discussions with the owner of the property regarding the future of the building, and that they “want to be helpful in the transition in any way we can.”
“The development process has generated a great deal of intellectual property, including design and structural studies as well as architectural work that we will furnish to the owner and investors, with the hope that these can be used to find another tenant to complete the project and operate the cinema,” the three men said.
“We continue to believe that the cinema and the necessity of a vibrant community center in local communities is of great importance,” according to the letter sent to the alliance. “Despite our belief, the business model must be sustainable. Main Street in Bradley Beach deserves reliable and long sustaining businesses.”
