{"id":590430,"date":"2026-02-14T23:07:15","date_gmt":"2026-02-14T23:07:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/590430\/"},"modified":"2026-02-14T23:07:15","modified_gmt":"2026-02-14T23:07:15","slug":"spreckels-theatre-is-up-for-auction-will-a-sale-boost-arts-district-plan","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/590430\/","title":{"rendered":"Spreckels Theatre is up for auction. Will a sale boost arts district plan?"},"content":{"rendered":"

\"A<\/a>The Spreckels Theatre with an old sign offering space for lease, photographed on Feb. 11, 2026. The building now is set to be auctioned. (Photo by Thomas Murphy \/ Times of San Diego)<\/p>\n

The curiously unchanging marquee<\/a> outside Spreckels Theatre has for years sparked widespread speculation on the fate of one of San Diego\u2019s great historic theater<\/a>s. An upcoming online auction could signal a new beginning for the building \u2013 but also be a spark for the backers of a downtown arts zone.\u00a0<\/p>\n

Spreckels, part of the six-story building at 121 Broadway, was listed last week for a lender-driven auction<\/a>. Possible buyers will have 48 hours when the auction opens March 23 to place bids, which start at $5 million.\u00a0<\/p>\n

The last buyers, Taconic Capital Advisors and Triangle Capital Group, purchased Spreckels Theatre in 2021 for $26.5 million, but a promised restoration never materialized.\u00a0<\/p>\n

The private equity firms used an $18 million bridge loan from Thorofare Capital, which has since been acquired by Callodine Group.\u00a0<\/p>\n

The San Diego Union-Tribune reported the auction <\/a>was likely an alternative to an official foreclosure, but still signaled that the theater\u2019s private equity firm owners had not kept up with payments or found refinancing, with the property having been listed for sale in March 2024. The traditional sale method failed to entice a buyer.\u00a0<\/p>\n

While Spreckels has 127,490 square feet of office space, its true treasure, and potential revenue source, is the 1400-seat theater. <\/p>\n

The theater is a national historic landmark so could not be converted like the ground-level retail or the offices above. <\/p>\n

Its historic preservation requirements offer certain property tax breaks, but also limits what can be done on the site. Buyers would need to maintain the historic windows and exterior of the building in any revitalization process.\u00a0<\/p>\n

\"The<\/a>The Broadway Circle entrance to the Spreckels Theatre on Feb. 11, 2026. (Photo by Thomas Murphy \/ Times of San Diego)<\/p>\n

Meanwhile, the city, Prebys Foundation and a business group are looking to boost downtown \u2013 and arts and culture in San Diego \u2013 by creating downtown\u2019s first arts district. It would promote existing arts spaces and hopefully bring artist housing, creative spaces and performance venues to a neighborhood where a few decades ago office towers began to dominate.\u00a0<\/p>\n

A selling point for the proposed district is that five historic theaters sit within its bounds. But only four out of five of those theaters reopened after pandemic-era closures.\u00a0<\/p>\n

Betsy Brennan, who leads the Downtown San Diego Partnership, said a new chapter for the building will complement efforts to create the arts district<\/a>..<\/p>\n

\u201cMoments of transition like this can also be moments of renewal. Across downtown, we\u2019re seeing new capital, new partnerships, and new energy step forward with fresh ideas and a long-term commitment to the urban core,\u201d Brennan said in a statement. \u201cGiven its prime location on Broadway, reimagining the Spreckels Theatre building represents the kind of catalytic opportunity that can bring in new investment that further elevates this area.\u201d<\/p>\n

The other four theaters in the proposed district have brought visitors back to the area while celebrating major milestones. Balboa Theatre spent 2024 commemorating its centennial. Jacobs Music Hall underwent a complete renovation. <\/p>\n

Civic Theatre had a smaller-scale renovation while maintaining its position as San Diego\u2019s largest theater. And finally, the Lyceum Theatre is set to reopen this year after undergoing its own renewal even as Horton Plaza, its home, fell into foreclosure.\u00a0<\/p>\n

Spreckels was once hailed as an opulent cultural magnet in San Diego \u2013 the best theater money could buy west of the Mississippi when it opened in 1912. Its stage hosted significant arts performances and performance troupes throughout the city\u2019s history.<\/p>\n

But it never reopened after the pandemic in 2020, leaving the once beloved theater to decay.<\/p>\n

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