Hartford Business Journal Special Editions

6 Hartford Business Journal • September 16, 2019 • www.HartfordBusiness.com By Frank Rizzo Special to the Hartford Business Journal W hen the nearly $6 million makeover of Hartford's Theater- Works is completed and revealed in October, it will mark the largest capital project in the theater's 34-year history. But in addition to a new audience- enhanced envi- ronment, mod- ern mechanical systems and more spacious and adaptable stage, the dramatic renovation is ex- pected to give the theater a higher profile, unequivo- cally joining the ranks among the ma- jor production houses in Connecticut. Even before construction began last year, TheaterWorks already had many at- tributes that other Tony Award-winning theaters in the state wished they had — a string of annual surpluses, debt-free status and an enviable subscription base as large as any theater in Connecticut. "Our two objectives were to improve the artistic and the patron experi- ence," says Rob Ruggiero, 55, who has been with the theater for 26 years, first as director, then associate artistic director and for the past seven years as producing artistic director, suc- ceeding founder Steve Campo. When Ruggiero took over there was accumulated debt of more than $600,000, which was paid off in four years. In 2015, when the theater celebrated its 30th anniversary, it was financially stable, debt-free and running surpluses. It was also patron- strong with around 5,000 subscribers and attracting more than 40,000 audi- ence members a year (the theater seats slightly less than 200 patrons). The- aterWorks earns about 60 to 70 percent of its revenue from ticket sales, which is especially high for nonprofit theaters. It currently has a staff of 19. The board felt back then that the environment was right to take the the- ater to the next stage — literally. "It's one thing to be safe and stable and another to stand taller in the mar- ket," says Hartford HealthCare Senior Vice President Gerry Lupacchino, who is TheaterWorks' board president and co- chair of the renovation committee. "But we had to ask ourselves, 'Do we have the courage to move forward to the next level?' Do we have the support that we think we have?' All along we kept asking our patrons, 'Would you stick with us?' They said, 'Go for it.' " The stats The theater's $5.9 million upgrade has been funded by a variety of sources: $185,000 came from corporations; $560,270 from foundations; and $1.5 million from individuals. The state supported the project with $2.7 million. About $700,000 still must be raised for the project, but TD Bank is providing a bridge loan for construction. Included in the project's budget is the expense of having the theater's 2018-19 season at the Wadsworth Atheneum, while construction was under way, as well as money for pro- gramming, developing new plays and establishing a budget reserve. The theater's annual budget is around $2.5 million, up nearly 50 percent since 2012. It has owned the 233 Pearl St. art-deco building — for- merly the Hartford Gas Co. building — where it is located in downtown Hartford since 1995. The three-story building is also home to its adminis- trative offices, rehearsal hall and sce- nic shop. The U.S. military also leases space for a recruitment office. "We explored the wisdom of setting up an endowment but the advice we received was that it was smarter to es- tablish various reserves that will be cash in hand and readily available," says Fred- die McInerney, TheaterWorks' director Frank Rizzo ARTS BIZ Center Stage With $6M renovation, TheaterWorks upgrades lobby, theater, reputation TheaterWorks' new seats will be wider and offer lumbar support. TheaterWorks Artistic Director Rob Ruggiero stands in the Hartford theater's Pearl Street facility, which will debut in October a major $6-million renovation. PHOTO | CONTRIBUTED RENDERING | CONTRIBUTED

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