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

Surrey First Education incumbents re-elected to Surrey school board

Veteran trustee Laurae McNally wins sole White Rock seat

White Rock Computer Club teaches the way of the future

From cat memes to security, the club has been teaching internet for the past 20 years

Mayoral results from across B.C.

Voters in 162 municipalities in B.C. set to elect mayor, council, school board and more

White Rock mayor-elect to focus on water, communication, OCP

Mayor-elect Darryl Walker says he doesn’t drink White Rock’s tap water

Who won and who didn’t in the Lower Mainland votes

A look at the region’s mayoral races, starting with Doug McCallum coming back to win in Surrey

Surrey-based podcast focuses on Canadian true crime

Corus Entertainment’s Curiouscast picks up Dark Poutine

Kennedy Stewart challenged with building bridges as mayor of Vancouver: expert

The former NDP MP, who ran as an Independent, will lead 10 councillors divided across four parties

B.C. Youtuber to seal himself ‘in a jar’ to demonstrate impacts of climate change

Kurtis Baute wants to see how long he can last in a 1,000 cubic foot, air-tight greenhouse

One of Taiwan’s fastest trains derails, killing at least 18

The train was carrying more than 360 people

Scheer marks one-year countdown to federal election with campaign-style speech

Conservative Leader insists that it will be Justin Trudeau who ‘makes it personal’

Canada Post union announces rotating strikes in four Canadian cities

Mail will still be delivered but it will be delayed

Vancouver drag queens receive royal treatment during Kootenay Pride

Vancouver drag queens discuss the importance of Pride and growing acceptance of LGBTQ community

B.C. VIEWS: Residents have had enough of catering to squatters

Media myth of homeless victims offends those who know better

B.C. man sets new Canadian marathon record at Toronto Waterfront Marathon

Cam Levins ran it in two hours nine minutes 25 seconds

Most Read