BOCA RATON, FL (BocaNewsNow.com) — Marilynn A. Wick today announced that her company, Costume World Inc., and the Wick family purchased the building that houses the Wick Theatre and Costume Museum (www.thewick.org). The $5 million mortgage is with Newtek Small Finance LLC, a New-York based small business lender. Wick’s daughter, Kelly Kigar of Lime Door Realty, facilitated the sale. On Thursday, Wick took formal possession of the building.
For the past three years, Mrs. Wick, who is the Founder and CEO of Costume World, has leased the space from the mortgage holder, Legacy Bank of Boca Raton. Costume World, the largest theatrical costume distributor in the country, signed the lease with Legacy Bank in March 2013 with an option to purchase. The building had been the former home of the Caldwell Theatre Company, but shuttered in 2012. Mrs.Wick completely renovated the building, and during the past three years has created a cultural institution that has garnered critical acclaim and vibrant audience support.
“I will admit that there were times I wasn’t sure that this would ever come about,” said Wick, who signed the original lease with Legacy Bank on April Fool’s Day, 2013. “We’ve had such overwhelming support and encouragement from the community that I am confident we will continue to grow and thrive in this magnificent space.”
“I owe a huge debt of gratitude to both Newtek and Legacy Bank for their skillful guidance throughout this process,” continued Wick, who also serves at the Managing Executive Producer of the theatre. “It is very exciting to know that opportunities like these exist for small business owners, and their assistance has been invaluable.”
The purchase of the building by will pave the way for The Wick to begin necessary expansions and enhancements to the facility. These include upgrades to the sound and lighting system, the addition of a partial fly loft and, most importantly, the creation of an orchestra pit underneath the existing stage. To offset the costs of the sale, The Wick has launched a $5 million dollar fundraising campaign, of which $100,000.00 has already been committed by Wick Theatre donors.
Other long range plans include tours of Wick theatrical productions to extend the life and financial viability of each show, the development of theatre programs for young people, and increasing the subscriber base from 2,800 currently to 5,000 patrons.
The Wick has a proven track record as an arts leader in the community with the development of the Costume Museum at the Wick Theatre, curated by Kimberly Wick; the opening of Tavern at the Wick, headed by Executive Chef, William Walden and an on-going series of main stage productions and special events to appeal to every section of the community.
While the theatre will not mount any full-scale productions during the summer months, there will be a number of events scheduled including a Cirque-style circus show, opera and murder mystery dinner packages, cooking classes with the chef and Sunday Brunch with a musical theatre cabaret. A new museum exhibit entitled “Where Runway Meets Broadway” will be prepped for its grand opening on September 23rd.