The nearly 80-year-old Garden Oaks Theater at 3732 N. Shepherd was sold last fall to Houston-based Heights Investment Fund for $7.1 million.
Arthouse Houston, a nonprofit that grew out of the campaign to save the River Oaks Theatre, has been working since February to buy the property and preserve the theater. After months of fundraising, the nonprofit says it now faces a final Aug. 31 deadline to complete the purchase or risk seeing the theater demolished.
Arthouse has raised $1.8 million toward the effort after holding fundraisers and winning support from Houston-raised filmmakers Wes Anderson and Richard Linklater. The nonprofit says it needs another $1.3 million to reach the $3.1 million required to complete the deal.
“The seller has stated there will be no more extensions,” an Instagram post by the organization reads. “If this acquisition is not completed, the property will revert back to the shopping center developer, who will move forward with demolition.”
The nonprofit plans to turn the historic theater into a new Arts & Film Center an arts and film center.
Some donors may qualify for naming rights as part of the fundraising campaign, according to Arthouse Houston. More information is available at arthousehtx.org.