Join Fringe this fall for a series of community town hall meetings to learn about how you can use the renovated space and the evolution of programs offered. Join our mailing list at foot of the website.
In June 2014, Fringe agreed to purchase 1358 Florida Ave NE for $4,500,000, putting down a $350,000 non-refundable deposit to secure the space until closing in October. Fringe closed on the building on October 6, 2014, paying $1,950,000 with take back seller financing for $2,550,000 in outstanding debt with a 4% interest only rate in 2015 and 6% in 2015. Additionally, the deal required another $500,000 payment in February 2015 resulting in $2,050,000 debt financing over the next two years. With Fringe on solid financial footing, and a new asset on its balance sheet, we arranged bank financing with a loan from our bank of 10-years, PNC Bank, in the amount of $2,206,518. Fringe received one loan for $1,200,000 with a fixed rate of 3.9% (interest and principle) and a maturity of seven years and a second loan for $1,006,518 with a floating rate equal to 3.25% (interest only) minus the prime rate (currently .10) and a maturity of five years.
The once two-floor, three parcel auto detailing shop then turned art gallery, boasts 9,314 square feet of indoor space with an additional 2,400 square feet of outdoor space for a total floor plan of 11,714 Square. The building is zoned C-2A and has a FAR (floor to area ratio) of 19,000 square feet for future expansion.
We painted murals, created and opened two bars, created the Trinidad Theatre, greeted new and old familiar faces and had a great time!
In Phase 1 contained:
Once Phase Two renovations are completed, the space will house:
The Phase 1 and 2 project budget is roughly $9 million.
To date, Capital Fringe has raised $8,245,949.
Our Phase 1 & 2 donors thus far . . .
Revada Foundation, Reva and David Logan Foundation, Share Fund of the Greater Washington Community Foundation, Morris and Gwendolyn Cafritz Foundation, Nora Roberts Foundation, District of Columbia, Festival Goers of the 2014 Capital Fringe Festival, Angela Fox, Dan Costello, Kingdon III and Kristen Gould, Gerry Widdicombe, Jean and David Grier, Carl Nash, Caitlin Wood & Martha Schoolman, Julianne Brienza
To learn more, contact Julianne Brienza at firstname.lastname@example.org.
DONATE HERE to help make it happen!