The State Bond Commission appears likely to approve a $1.5 million grant to assist with the redevelopment of the historic Globe Theatre in Norwalk.
Gov. Dannel P. Malloy and State Sen. Bob Duff, whose district includes Norwalk, said in a June 14 press release that the grant would help to restore the theater, which opened in 1915, as a “Connecticut gem.”
Wall Street Theater Co. Inc., a nonprofit led by Frank Farricker, is under contract to purchase the Globe Theatre from its existing owner. Farricker plans to restore the theater – which hasn’t been used for a decade – as a center for the performing arts complete with state-of-the-art digital technologies.
Farricker has estimated that the project will cost $7.5 million. Wall Street Theater Co. is seeking a $2 million low-interest federal loan to assist with the project, and is also set to receive about $275,000 from the city of Norwalk, according to State Bond Commission documents. The remainder of the project would be financed through more than $4 million in federal and state tax credits, and the $1.5 million grant from the Bond Commission.
“The Globe (Theatre) on Wall Street has a storied history in our city. Though the building has fallen into disrepair, it remains a local treasure, and holds the potential to transform the neighborhood around it if rejuvenated. I am proud to support this redevelopment effort, and thank Governor Malloy for his support,” Duff said in the release.
At its June 21 meeting, the Bond Commission is also expected to approve a $400,000 grant to assist the Maritime Aquarium at Norwalk with upgrades to its facilities.