After months of uncertainty following the news the Bay Street Theatre wouldn't be able to afford the rent increase when their lease comes to an end in 2012, today brings word that the Sag Harbor institution won't be leaving any time soon. A new agreement was signed between the theatre company and the building's owner, Pat Malloy, earlier this week.
According to a press release obtained by the Sag Harbor Express, the new lease "provides Bay Street the option to stay on the Long Wharf for 10 years while it pursues a capital campaign for its new facility." The agreement also provides the theatre the necessary flexibility that will allow it to search for a more permanent home.
Echoing the sentiments of many in the area, Frank Filipo, Chairman of the Board of Trustees for the theatre said:
"We have said time and again that our first choice has always been to remain in this wondrous place. Working together with Pat Malloy, who shares that vision, we have come up with a path to doing just that. The feedback that we have received from the local community, the realization of the value that Bay Street provides to the local shops, stores, and restaurants that define this Village was tremendously helpful in bringing about this new agreement. It is beyond gratifying."Bravo. · Bay Street Theatre to Stay in Sag Harbor Space [Sag Harbor Express]
· All previous coverage of Bay Street Theatre [Curbed Hamptons]