More than $500,000 had been raised from the public to help operators of the Rio Theatre purchase the East Vancouver property.
Leaseholder Corrine Lea thanked on social media Tuesday (April 17) supporters who donated during the crowdfunding campaign.
Lea also announced that that she will now focus on investors.
“We have a great group of people already assembled and although we are still looking for more we are confident our goal is attainable!!” Lea stated.
Lea and her group need to come up with a down payment of $3 million to buy the property.
Built in 1938, the single-screen theatre has become a popular venue for film showings and live performances.
The theatre is part of a 6,350-square-foot property near the corner of East Broadway and Commercial Drive.
In January this year, owners of the property put the site for sale.
A real-estate listing has noted that the property is a “high density residential development site”.
Lea and her business partner Jonathan Kerridge have offered to buy the Rio Theatre.