FilmScene and Resilient Sustainable Future for Iowa City (RSFIC) bought the building Thursday for $2.3 million. The building became available to purchase when its owner, Marc Moen, along with other business associates, defaulted on their loans with GreenState Credit Union in February.
The credit union foreclosed on five downtown Iowa City properties owned by Moen and his associates. Two of those locations — 118 E. College St. and 404 E. College St. — are home to FilmScene’s two movie theaters, FilmScene on the PedMall and FilmScene at The Chauncey.
Andrew Sherburne, founder and executive director of FilmScene, says the new investment marks a “transformational moment” for the nonprofit.
“In local ownership of an important cultural space and historic property, we’re taking another big step towards building the greatest small city for the arts,” Sherburne said.
RSFIC, the private foundation that partnered with FilmScene to acquire the building, has previously invested in Iowa City-based arts organizations, including the Wright House of Fashion.
As for FilmScene’s second home at the Chauncey building, Sherburne is hopeful that whoever purchases the property will continue to honor it as a place for the community.
“While we own our units there, we are watching closely to see what happens next in the rest of the building, and hope that any future ownership shares our commitment to prioritizing community engagement in this space,” he said.
An open house to celebrate the purchase of the Ped Mall building is scheduled for Aug. 14.
