A change can do a body good. And a refreshing change is what Hawes Spencer hopes will come to the mixed-use Jefferson Theater building, the Downtown stalwart and second-run movie palace, now that he is selling it to local megadeveloper Coran Capshaw.
According to Spencer, who bought the Jefferson 14 years ago for $310,000, Capshaw has had a hankering for the 86-year-old building for two years. While Spencer wasn’t initially interested in selling, he says that, over time, Capshaw convinced him that the Jefferson’s 12,345 square feet would be in better hands with him. The 1920’s-era building, which is now assessed at $856,900, is apparently in need of renovations that Spencer can’t undertake.
“As [Capshaw] studied the place a little bit more,” says Spencer, “he realized that it needed a lot more [improvements]. I, at first, didn’t agree with that, but over time…I felt like it wasn’t really fair for me to continue to keep the property to myself just to have it.”
Among the improvements discussed, Spencer mentions reconnecting the main house and the mezzanine, as well as long-term structural issues. Spencer also says that Capshaw plans to host music performances on the downstairs stage. Spencer will continue to be involved as a consultant as the theater undergoes renovations. He declined to comment on what will happen to the building’s tenants—which include apartment renters, the Better than Television gallery, and the new creperie on Water Street, among others—referring those questions to Capshaw. Capshaw did not return calls for comment.—Nell Boeschenstein
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