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College, theater eyeing merger

By AARON SHAROCKMAN and JEAN HELLER
Published January 13, 2007

ST. PETERSBURG - The venerable Palladium Theater, a downtown St. Petersburg landmark that has served as a venue for the city's community arts programs for years, could become a part of St. Petersburg College by the end of the month.

Officials of both institutions confirmed Friday that negotiations are under way that would transfer management and operating responsibility for the Palladium to the college, ensuring the theater's future and creating for the college an enduring presence in the downtown area.

The college, with curricula in many areas including music and public safety, is undertaking an aggressive expansion throughout Pinellas County. The merger would significantly raise its profile in downtown St. Petersburg.

It also would ensure the survival of the theater, dependant on private donations since it opened in 1999.

"The transaction would bring a stable source of both financial and professional resources to bear on the theater," said St. Petersburg lawyer George Rahdert, a member of the Palladium board. "Most arts endeavors operate on a shoestring, and the theater has been operating on a very big shoestring."

St. Petersburg College President Carl Kuttler said a deal must be finalized by Jan. 31 in order to secure state matching grants for the property. He would not say how much the grants were for, or who would pay for the local share. He hinted that it could be paid for with private donations.

The proposed deal for the theater and several adjacent properties could be worth up to $15-million. Among the terms, Kutler said:

- The theater would be owned and operated by St. Petersburg College, a countywide institution with 10 learning centers including sites in Tarpon Springs, Clearwater, Largo, Pinellas Park and four in St. Petersburg. Total enrollment last fall was 26,000.

- The college would also own other nearby theater properties, including two parking lots.

- The college foundation would be liable for an outstanding debt of $450,000 on one of the theater properties.

- The college would maintain at least some community theater.

- The college also would add education programming, possibly in partnership with other universities across the state.

- The college would explore ways to increase parking options around the site.

Many specifics of the plan, however, were still coming together, Kuttler said.

"We're coming at this from 30,000 feet in concept," Kuttler said.

The Palladium Theater board of directors will meet next week to discuss the proposed agreement. St. Petersburg College's board of trustees would have to sign off on the agreement at its Jan. 22 meeting.

"We're happy with what's happening," said Gus Stavros, a board member who helped create the Palladium in 1998, along with Mary Wyatt Allen, and Bill and Hazel Hough. "It's a great step to make a much more enjoyed and larger Palladium operation."

The main building occupied by the Palladium, on Fifth Avenue N at Third Street, was built in 1925 as the First Church of Christ, Scientist, though it functioned much like a theater, with seats instead of pews and backstage dressing rooms.

A group of private investors bought the property in 1998 for a theater for $575,000. Kuttler said recent assessments placed the value of the 880-seat theater at between $8.2-million and $10.5-million.

[Last modified January 13, 2007, 05:36:49]