PROPOSAL HIGHLIGHTS
Nederlander-Greek is proud to present its proposal, which is based on 25 years of experience at
the Greek Theatre, nearly 80 years in live
entertainment and a strong vision for the future. Among many other benefits, it offers substantial
financial returns to the City of Los Angeles and spectacular capital
improvements to the facility. We are also proud to be proposing
with SFX, the country's largest concert presenter, who will work hand in
hand with Nederlander to make the Greek even finer.
The capital
improvement program was developed with two major goals: (1) to restore
and preserve the Theatre’s distinctive facade, and (2) to maintain its
ambience and reputation as a premier entertainment venue for live music
fans across Southern California.
The Greek Theatre is a 70-year old city-owned landmark. The
structural improvements we have proposed are necessary and appropriate
for a venue of such historic significance - in order to enhance
concert-goers entertainment experience at the Theatre, without
detracting from its architectural features.
Key Improvements
We intend to restore the Greek Theatre by respecting its
original design. We propose to re-design the Theatre's front concourse
into a Greek "agora," or marketplace, with relocated box
office and merchandise stands. We will also add a mini-amphitheater,
"Dionysus' Landing," where occasional pre-show festivities
will be located.
We will make $1.6 million in street and traffic improvements in and
around the Theatre area, as well as providing shuttle service to and
from the Metro Red Line, and enhancing parking within the facility.
These improvements will repair local roads and get traffic in and out of
the Greek Theatre more efficiently.
We will be expanding our food and beverage concessions inside the
Theatre by 100% to offer what we're calling "Tastes of L.A."
These are restaurants that have long been favorites of Angelenos-El
Cholo; Papa Christos; Pinks Hotdogs and In-'n-Out Burgers.
We are also committed to bringing only the very best entertainers to
the Greek. Because of our association with SFX, we will be showcasing premier
talent and national tours of top-grossing artists each year.
Financial Benefits
In addition to Greek Theatre capital improvements, Nederlander is
guaranteeing the City of Los Angeles, a minimum annual rent of $1,250,000
during Years 1-5, increasing to $1,500,000 during Years 6-10, graduating
to $1,750,000 during Years 11-15 and ultimately increasing to $2,000,000
during Years 16-20.
The City will also receive minimum percentage rent of 8% of gross
ticket revenues and 6% on all other revenue streams.
The financial stability of Nederlander will ensure that the City
receives long term financial returns from the Greek.
On behalf of our family firm, the James M.
and James L. Nederlander companies, and our dedicated staff, we thank
you for taking the time to review our plans for this wonderful
entertainment facility -The Greek Theatre, and look forward to serving
you in the future.
If you would like any further information,
please let us know by [clicking here].
