The Parkway lives! 

As reported in The Parkway newsletter and by the East Bay Express, J Moses Ceaser signed a lease this past week for a new space to house The Parkway Theater - Oakland's beloved eat, drink, and watch as you lounge institution - with an anticipated opening by 2013. Describing the industrial building at 474 24th St. - right off Telegraph - Ceasar writes:

"Before you get too excited, please know that 474 is not the prettiest of creations. It’s not on the best block - stuck between the YMCA on Broadway and Cory’s Adult Superstore on Telegraph - nor does it have great street presence of its own. And it certainly doesn’t have the charm or the history of Park Blvd. But it’s pretty cool on the inside, and we’ll be working over the next many months to make it much more charming both inside and out. The lease that we signed is for 13 years and it will take us a good chunk of 2012 to build it out as a two screen theater with a café and all the fixings. Working with a big open building - a blank canvas if you will - gives us a lot of options and we’re excited about all of the possibilities. We’ll of course keep you posted on developments over the next many months and will invite you to get involved. Perhaps we’ll even have an open house at some point before the construction begins - maybe even show a movie - so that you can see the space before it’s transformed."

Ceaser also writes that he plans to start fundraising again: "Invest in the New Parkway - now that we’ve got a location for the theater, we’ve got to raise a bit more money over the next 2-3 months, and have decided to sell more equity shares in the New Parkway. Investment opportunities start at $5,000 to own your own piece of the Parkway pie. We’ll be holding a few informational meetings over the next month or so, so stay tuned for information about those. They’ll be a chance for you to learn more about the business plan behind the New Parkway, the risks and benefits involved, and how you can help to bring Oakland’s favorite theater back to life.  In the meantime, if you’d like to check out an investor packet and consider if this could be a fit for you, please email invest@thenewparkway.com."

According to the Express, rent on the space is listed at $8,000 a month andCeaser plans to spend 600,000 to $700,000 in capital improvements and $700,000 on additional costs. Building a two theater facility provides more flexibility for the space and will add value to what is fast becoming an exciting night life and arts district for Oakland.

See earlier stories on The New Parkway here.