The Source Story

So, Tboy has learned a bit more about the plans for the Source Theatre space. It's not so much a rumor anymore, now that Tboy has had a chance to sit down with the developers, who made an appearance at the local ANC meeting this very evening and were nice enough to talk with Tboy afterward.

Here's the poop:

• It's pretty much a done deal.
• By which they mean "We have a contract, and Source has accepted the contract."
• Which means, Tboy is given to understand, that Source can't back out.

Now granted, that's only what the developers say. So far Tboy's got no comment from Source.

But Tboy did talk to Geoff Dawson and Curt Large, respectively the president and COO of Bedrock Companies, and they say at this point they've got a week or so of wiggle room left to line up financing (which they say they have in place) and to have the engineers go through the building (which Tboy is pretty sure the execs said they've already done).  But they specifically said that Source has accepted the contract, and that that means Source hasn't got an out.

The guys (who seem perfectly nice, by the way) were at tonight's meeting to get the ANC's buy-in on their move to get a CT-class liquor license--that's a food-'n'-hooch "tavern license" for the uninitiated--for the place.  They brought along a one-pager describing what they expect the Standard Bar & Grill to be like. (Click the image at right to see a full-size scan of the document.) But the ANC tabled any action because Bedrock hasn't "placarded" the space yet -- meaning they haven't had one of those nice big signs put up saying "We're applying for a liquor license, please come let us know if you've got a problem with that." 

Dawson and Large seemed to be prepared to proceed with the deal even before getting the liquor-license business tidied up; Tboy asked if the contract allowed them an out in case they couldn't get the license, and they answered with a pretty firm "No."  Which surprised Tboy, he must say.

Meanwhile, Tboy remains unclear on what the city's involvement in this is.  What he heard yesterday from one city official seemed to imply that the office of Deputy Mayor Stan Jackson might have some influence over the fate of the Source, but the Bedrock people don't seem to be operating under that impression. Tboy's working on clarifying that.

Othermeanwhile, Tboy hasn't had any response to queries directed to the office of Source's Peggy O'Brien at the Corporation for Public Broadcasting, whom he called to ask about Source's plans. The Bedrock guys said they've got the sense that the terms of the deal will allow Source to get out from under its financial burdens and get back into gear.

They wouldn't let on exactly what they're paying for the space, of course--"market rate" was all they'd say. (Dawson did offer, helpfully, that "market rate" means something on the order of $375 per square foot for commercial real estate. Given what he said was Source's 8,000-square-foot floor plan, that would work out to.... Lucky Spinster, are you getting this? ... roughly $3 million.) A friend of Tboy's who specializes in Logan Circle real estate said those numbers sounded sensible.

At the ANC meeting, commissioner Phil Spalding, who represents the single-member district where the Source space is located, allowed as to how "there has been a little bit of community feedback about this as an existing arts space transitioning to a commercial space, but it is in a commercial zone, it's on 14th Street, it's an appropriate place for this kind of establishment." (He then introduced the Bedrock guys as already being "the owners," but Tboy figures that was a slip.)

"As for the arts use," said Dawson, "in several of our other establishments we have gallery space--significant gallery space--which we encourage local artists to use."  Tboy suggested to Dawson afterwards that theaterfolk might ask whether the new incarnation of the Source couldn't accommodate a performance space, in addition to stuff on the walls, and he said maybe. A stage, though, is probably a non-starter: "Anytime you start talking about a stage, people assume you're getting into the music business." And that means NIMBY nightmares that no sensible restaurateur would dream of courting.

For now it looks like the Bedrock guys will be filing with the ABRA, placarding the space, and--per the ANC's rather pointed recommendation--checking in with the Cardozo-Shaw neighborhood association to see how those folks feel about the project, before going back before the ANC next month.

So there you go: That's what Tboy knows so far.

Comments

[luckyspinster]

wow. nice reporting. thanks for all the detailed scoop. that's big math.

i wonder if the "perfectly nice" new owners would let us trash the place in a farewell shindig before demolition. could be a fundraiser to further source's effort at reincarnation.

[luckyspinster]

er, i mean, "to further source's effort at paying the people they still owe munny to."

same thing, i guess.

[safford]

yes great reporting indeed! do you know if Source is definitely going to resurrect itself in the future in a different venue?

[theaterboy]

Still reporting this, and still no comment from the Source. I'm updating the story for the City Paper, so for now I'm not going to be doing more here. I'll post a link when we publish. E-mail me if you've got information that would help illuminate the story.

[Jolene]

Not relevant to the Source saga, but a bit of happy news......

Did anyone catch local actor extraordinaire Marty Lodge in tonight's episode of "Grey's Anatomy?" I did a double, then a triple take - it was a real shocker, one of the season's best episodes... and another fine performance from a terrific actor. What a pleasant surprise!

It's always fun to see local talent on prime time television (after the Super Bowl, nonetheless)!

[idontwanna waitinvain]

I didn't see it but (I know His Lodgeness from 20 years ago and wish him nothing but the best) let's hope it does not mean what it usually means when you see our peeps on tv. Usually it means they had to go elsewhere if they wanted to suport themselves as performers.

[Jolene]

So ABC loved Marty Lodge ("His Lodgeness," lol) so much that they're re-airing Sunday night's episode tonight.

That, or they have nothing else to fill up the 9:00 slot.

[I'm supposed to care?]

I just received an email "call to arms" from Dorothy Neumann via Chris Henley's email list on the impending doom of Source. Is it bad that I don't care, and in fact, am pretty excited to shoot some pool in the new place?

The email actually made me laugh a little, it sounded like a World Bank rally or something. Where were these freedom fighters when Source sat dark for two years or more? Honestly curious, was anyone trying this whole time to get Source's ass out of the fire? I work around that area, and all I saw were tagged front doors and dark lights inside (aside from ATW's occasional occupation). I never heard of any fundraisers for the company. There was no massive public donation to relieve their debt. I never heard a peep of progress on the resurection of Source and there weren't even hints of a reopening any time soon.

I see that ATW has put up a giant banner and changed the tagged doors, but that's the most activity I've seen in that space in a long time. Too little, too late? Best let them move on and make something productive of the location.

The theater scene doesn't seem to want it, or we'd have united to bail out their massive debt and it would have been back in full production long ago.

[Applesoranges]

A distinction needs to be made between Source the company and the building Source Theatre Company occupied.

It doesn't look as if anyone is trying to save the company or suggesting that the company should save itself.

The building on the other hand...The thing is that so many companies teeter on the brink of financial ruin for long periods of time that it's unlikely the rest of the community really saw this coming. If they had, one or more companies could have been angling to get ahold of that space. As it came to pass, by the time anyone knew what was happening it was a done deal. Which is not to posit a conspiracy theory - the board of Source doesn't have to publish the minutes on the DC Theatre Listserve everytime they have a meeting. They're probably tired of being saddled with what feels like an albatross and did what for them was the right thing.

The call to arms is quite likely a day late and a few million dollars short. But it is too bad that one or more of the companies who would actually use the space won't get a crack at it.

[Fruit salad]

Several local companies WERE interested in, some might say salivating at the prospect of, taking possession of 1835 14th Street NW, but stonewalling, some might say stonewalling, by the Source board eliminated that possibility. It almost seems as though the Source board was the party most interested in seeing the space converted into an upscale pool hall, rather than seeing another company or collective of companies succeed where it couldn't.

[Applesoranges]

If THAT is true, that should be the next story written about this. T-Boy? Come on.