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It’s … good!

Submitted by on 1, November 26, 2008 – 7:45 amNo Comment

A reader wrote in last week to ask if I could talk about the financial success of the new theater downtown. So I checked in with the city’s development services director, Leslie Little, who conveniently gave the city council a report card of sorts on just this topic last week. According to Little, the news is … good!

According to Little’s report, the theater “exceeded expectations” of its operator, Alameda Entertainment Associates, over the summer. The start of school heralded a sharp decline in attendance though, so we’ll see how the numbers shake out over the next several months.

Burgermeister and Alameda Wine Company, the two businesses attached to the theater, also saw business that exceeded their expectations, though the restaurant, which has seen revenues that were 19 percent higher than expected, hasn’t turned a profit just yet. And Alameda Wine Company is looking to reduce its hours, which are now 11 a.m. to 10 p.m. daily.

Businesses have extended their hours and made other changes intended to draw moviegoers (Pappo’s got a “movie bites” menu) and they are reporting an increase in patronage attributable to the theater, the report says. And the theater project is credited with creating 214 jobs in the area, including jobs at the theater and other retail establishments.

And the garage is making money, honey: From February to July, it made about $77,000 more than expected and its expenses were about $45,000 less than expected.

Even the meter maids are doing a boffo business: Per the report, “(e)nforcement revenues from the dedicated parking technicians are higher than projected,” though those are expected to stabilize in the coming months.

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