“Today marks a historic and exciting change for the Wall Street Theater; the acquisition of the Wall Street Theater by the New Haven Center for Performing Arts,” said Suzanne Cahill, executive director and president of the Wall Street Theater in a statement.
Cahill announced the acquisition on Friday in a press release.
“After years of rising costs, decline in attendance, music industry agency consolidation, and the overall corporatization of the industry, we found it time to rethink what defines our organization and what the theater will be in the future,” Cahill said.
Wall Street Theater recently settled a dispute with Patriot Bank over a nearly $9 million loan. In the settlement, Wall Street Theater must “admit all of the allegations in Patriot’s complaint” and pay $3.1 million — the fair market value for the theater property at 71 Wall St. — to Patriot Bank, according to court filings.
A ‘satisfaction of judgment’ for the settlement was filed on Dec. 14, according to state Superior Court records.
“The Wall Street Theater represents a strategic move to further enhance its commitment to providing exceptional and diverse entertainment experiences,” Cahill said. “This acquisition aligns with the organization’s vision to foster a vibrant and inclusive arts community, creating a hub for creativity in Norwalk and the surrounding areas.”
New Haven Center for Performing Arts Inc. is a nonprofit that operates the College Street Music Hall and Westville Music Bowl, formerly known as the Connecticut Tennis Center. To assist in the transition, Cahill will join New Haven Center for Performing Arts’ advisory board.
“We are honored to take on the operations of this historically preserved theater,” said Keith Mahler, facility manager for the New Haven nonprofit. “Wall Street Theater is admired by the community and plays a critical role in bringing economic and community development to diverse audiences throughout Fairfield County.”
The theater on Wall Street has a history that dates back over 100 years.
“I am proud of what we have done to preserve and redevelop the Wall Street Theater, and now it is time to take what has been built and move towards something even more extraordinary for the community we share,” Cahill said. “I believe in the power of independent theater. As big entertainment companies gobble up small venues, we must work together and find solutions to keep the spirit of independent performance and music alive.”