North Loop Takes Center Stage
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But when all the work is finished will Daley’s downtown theater district be a hit or a flop? The last few years have been a difficult time for the local theater industry, and federal studies indicate that America is on the verge of cultural change–many young people who will be middle-aged consumers in 10 or 20 years may have little or no interest in the so-called highbrow performing arts, including theater.
Fox Theatricals producer Michael Leavitt, who will head the team operating the Palace, would not discuss the details of his deal, but one city source said Fox and Magicworks put up about $2.5 million for construction to win themselves a 50-year lease. Leavitt was also mum about future plans for the theater, at least for the time being. “We’ll have more to say in about 30 to 60 days,” he promises. But Fox is relatively new to the dicey business of developing and producing large-scale musicals, which requires huge amounts of capital that can be lost almost overnight. Several years ago Fox helped develop an excruciating musical called Theda Bara and the Frontier Rabbi; despite much reworking, the show never became a success. Together with New York-based PACE Theatrical Group, Fox took over the languishing Jekyll and Hyde a couple of years ago, brought it to New York last spring with a new director, and launched a new marketing campaign. Though reviews were mixed and the show garnered no Tony Awards, Jekyll and Hyde is holding its own on Broadway against a weak field of new musicals. Fox is also developing a musical adaptation of The Hunchback of Notre Dame by Styx member Dennis DeYoung. After a couple of workshop productions, the show will premiere September 4 at the Tennessee Repertory Theatre in Nashville. “It’s ready to go to its next level,” notes Leavitt. If all goes well in Nashville, Hunchback could open the restored Palace.
