Unique Contest to Help the New Owner of the State Theater Decide the Historic Landmark’s Future Direction
March 30, 2012 — The Public is invited to “Pitch Your Plan” and Help the Owner of the State Theater Uncover a New Direction for This Historic Landmark.
Downtown South Bend, Inc. (DTSB) – in collaboration with Banko Capital, the North Central Indiana Small Business Development Center (NCISBDC), Ugly Dog Media, Inc., and WNIT – is pleased to unveil its unique “Pitch Your Plan” contest for the redevelopment of the State Theater. The contest encourages members of the community to submit business ideas and plans that will help determine the future of the State Theater – which was purchased recently by an established local investor with a long history of successful real estate development.
The contest is open to the public and officially begins, April 1, with the launch of the website.
The new owner is requesting original, inventive commercial ideas for this beautiful landmark from anyone who wants to get involved. Are you a seasoned business person or entrepreneur? Are you a wide-eyed dreamer? Pitch Your Plan is for anyone willing to share and develop their idea to revamp this truly remarkable landmark.
How it Works
The contest has two rounds. In the first round anyone is invited to submit a business idea for the State Theater. A jury will review the submissions and select the top ideas. Finalists then move on to Round Two where they will receive access to the State Theater, a business mentor, and the use of software designed to help entrepreneurs flesh out and organize their ideas for presentation. The final round will be judged by a panel of local experts, including the theater’s owner, Assaf Zvi Dagan, President and Founder of Banko Capital, L.L.C. The winner of the contest receives a $1,000 grand prize, the privilege of seeing their name on the marquee for one month, and the possibility of seeing their idea come to life. Interested participants will be directed to the contest website for a complete list of rules, beginning April 1.
The building was purchased by Banko Capital, L.L.C. in December of 2011. Assaf Zvi Dagan –president and founder of Banko Capital, and an established local investor – views the State Theater as more than simply real estate. He sees it as a crucial development initiative for the growth of downtown; and he intends to own the building for a long time.
“I would like to see the State Theater have a rebirth that lasts,” Dagan said. “I would like to see it become something that the community really needs.”
“Mr. Dagan has been working with DTSB to find interested investors with the right kind of ideas,” said Tamara Nicholl-Smith, Director of Downtown Development for DTSB. “He has some ideas of his own, but he really wants to know what the community thinks, so we came up with the idea of a contest to make it engaging and beneficial to everyone involved.”
Banko Capital, L.L.C. and sponsors are offering recognition, opportunity, and money to anyone who comes up with the revitalizing commercial purpose for this beloved piece of art, architecture, and history.
“If you can express your passion, your great ideas, or groundbreaking adaptive reuse concepts, then this contest is for you,” Dagan said.
“The State Theater’s success will, benefit all of the hard-working businesses in the downtown arts and entertainment district, as well as the community at-large,” said Nicholl-Smith. “The community has a longstanding emotional attachment to this facility because of its stately façade and its history as a state-of –the art facility. Now is the time for the State Theater to again play a vital role in Downtown South Bend.
FOR MORE INFORMATION CONTACT:
Director of Downtown Business Recruitment
Downtown South Bend, Inc.