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

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

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