A Durham-based mostly vitality investment firm has bought the Manbites Dog Theater building in downtown Durham.
Modern Energy, which invests in vitality know-how firms, bought the building for $. million, the theater stated in a launch.
Manbites Dog Theater, positioned at 703 Foster St., stated earlier this yr that it would be closing after its 31st season. Manbites Dog will lease again the house from Fashionable Power till its final season is completed on the finish of Could. The theater will go on hiatus when its season ends.
Manbites Dog Theater initially bought its present location in 1997 for $205,000, in accordance to county information. The 5,300-square-foot building, which was inbuilt 1947, was appraised for $473,026 in 2016.
After the building is bought, Manbites Dog administration plans to use the funds from the sale to create what it refers to as “Manbites Dog three.zero.” The brand new enterprise will present monetary assist to native theater firms and artists by means of a brand new company fund at Triangle Community Foundation. The theater stated it anticipates launching a grant software in 2019 to assist artists and initiatives.
“We nonetheless consider in theater as an ongoing dialog between artists and audiences,” inventive director Jeff Storer stated earlier this yr. “And we wish to proceed supporting theater artists who share that perception.”
Fashionable Power, previously generally known as Wylan Power, was based by Benjamin Abram, a Duke College graduate, in 2016. The firm reported elevating as a lot as $9.7 million earlier this yr, in accordance to a submitting it submitted to the Securities and Alternate Fee.
Abram stated the firm is utilizing that cash to spend money on inexperienced vitality know-how and photo voltaic installations.
“Our view is that the way in which vitality has been produced and consumed over the course of the final century has been just about the identical till comparatively lately,” Abram stated. “It used to be the case that all of it got here from an enormous energy plant that will be 10 or 15 miles away from your online business – however as we speak there are such a lot of those who have photo voltaic panels on their roof or sensible thermostats.”
Fashionable Power is at present headquartered at Peabody Place – house to the restaurant Parker & Otis – however the firm wished to have a bigger house for its rising workforce, Abram stated. The corporate at present has round 12 staff.
“We're so grateful to the Manbites board for promoting to us,” Abram stated. “Change is difficult, however I'm so impressed with the way in which that the workforce and management of Manbites … actually created a chance for his or her group by shopping for the building 20 years in the past. I really feel lucky to be a small a part of their subsequent part with these funds going to their roving group theater mannequin.”