The operator of the Rio Theatre is hoping to raise $1.5 million from the public for the purchase of the East Vancouver venue.
Corrine Lea needs another $1.5 million from private investors to come up with a down payment totalling $3 million.
Lea has launched a crowdfunding campaign on Indiegogo in a bid to keep the Rio Theatre.
“We now have until midnight on April 2 to raise the funds for the down payment, so that we can secure a mortgage and finalize the purchase of the property,” according to the campaign’s Indiegogo page.
Lea and her business partner Jonathan Kerridge have offered to buy the property near the corner of East Broadway and Commercial Drive.
Leonard Schein, who holds the mortgage on the property, earlier listed the site for sale.
Schein subsequently accepted the offer made by Lea and Kerridge.
The single-screen movie theatre also serves as a venue for various live events.
The campaign also announced plans for the creation of the Art House Society, a non-profit that will become an equity holder in the property.
“Run by a board of industry professionals, this society is currently being created to ensure that funds raised by your donation will remain as a legacy project to help other Vancouver arts and culture organizations in the future,” according to the campaign.