Vancouver’s Rio Theatre is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows. (Google Image)

Rio Theatre a step closer to being saved after mortgage approval

A months-long fundraising campaign brought in more than $500,000 for a deposit on the property

The operators of one of Vancouver’s last independent movie theatres have been approved for a mortgage to buy the beloved cinema.

Corrine Lea says she’s optimistic about the Rio Theatre’s future after being approved for a mortgage from Vancity credit union earlier this week.

Lea said in February that she and her business partner had put in a multi-million dollar offer to purchase the 80-year-old cinema in east Vancouver and save it from development, but the exact purchase price has not been revealed.

A months-long fundraising campaign brought in more than $500,000 for a deposit on the property, and Lea says investors have also vowed to contribute hundreds of thousands of dollars.

She says she’ll remove subjects on the deal on Monday, then have 60 days to come up with the rest of a $3 million deposit.

The Rio is beloved for running independent films and also hosting burlesque, comedy, improv and variety shows.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: Mustang Roundup in Langley attracts car lovers from all over

A car show dedicated entirely to one model of Ford drew admirers and collectors to George Preston Recreation Centre.

LETTER: Langley needs to find balance between construction and destruction

One letter writer calls for review of Murrayville development, saying trees need to be preserved.

Langley netminder makes ‘unbelievable’ saves in draw against Seattle

Trinity Western University women’s soccer team battled to a 0-0 draw to Seattle, while boys fell 2-0.

LETTER – Reverse its decision: Langley’s TWU shouldn’t bow to societal pressures

One woman disagrees with Trinity Western University making the code of conduct optional.

Final 40 seconds change the game for Langley Rams

The local football team fell 35-34 to the Vancouver Island Raiders, in a last-minute comeback.

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

B.C. swimmer halts journey across Strait of Juan de Fuca after hypothermia sets in

Victoria MS athlete Susan Simmons swam for eight-and-a-half hours in 9 C choppy waters

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights are misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Prime Minister Justin Trudeau to march in Montreal’s Pride parade

Trudeau will end the day in his home riding of Papineau

Most Read