An East Side cultural landmark near the corner of East Broadway and Commercial Drive has been put on the market.
Leonard Schein has listed the Rio Theatre property for sale. However, the operator of the business, Corinne Lea, points out that she has eight years remaining on her lease.
"I want to reassure you all that the Rio is not going anywhere as long as we have anything to say about it!" Lea said in a statement on the Rio Theatre's Facebook page. "Yes its true The Rio property is for sale and is in danger of being developed and turned into a multiplex. But we have plans to buy it, so we can save it from being torn down."
The multimedia business is more than a single-screen theatre, as it also hosts concerts, comedy peformances, burlesque events, and fashion shows.
The CBRE listing describes the 80-year-old Rio Theatre as a "high density residential development site" that's just steps from the Commercial-Broadway transit hub. It notes that there is "strong assembly potential" with adjacent properties.
The Rio Theatre is part of a 6,350-square-foot property on a 50" by 127' lot. No price is disclosed in the listing.
Lea stated on Facebook that her business had record sales last year and on May 1, it will celebrate a 10th-anniversary party.