The Goldstine Foundation has granted $2 million to the Embassy Theater as the lead gift for the theater's $10 million "A Vision for the Embassy" capital project, the theater said today.
The campaign is to renovate four floors of the former Indiana Hotel and other undeveloped parts of the building, which have been unused for more than 40 years, the Embassy said in a statement.
It said the plan calls for a two-story-high ballroom and rooftop garden, studio and rehearsal space, classrooms, a history center and improved public access and concessions areas.
The Goldstine Foundation was established by the late Robert Goldstine, who helped save the theater from demolition in the early 1970s, the statement said.
The theater's board and staff have spent several years researching best uses for the building, the statement said. In 2009, the third floor became a public corridor between the Courtyard by Marriott skybridge and the Grand Wayne Center skybridge.
"Due to our busy schedule and limited rental spaces, we currently turn away many public and private events," said Marla Peters, Embassy board president, in the statement. "This plan allows us to stick to our successful business model and gives us more spaces for the community."
To date, nearly $3.7 million has been committed to the campaign, the statement said. It said the organization's goal is to obtain at least $6 million in gifts and pledges by Dec. 31.
If fundraising continues at its current pace, renovations could begin in June 2014, said Carolyn Brody, campaign co-chair and an Embassy board member.