BEVERLY — The owner of a theater in Rhode Island said he plans to buy the defunct North Shore Music Theatre and hopes to reopen with Broadway shows and celebrity concerts as soon as next spring.
William Hanney said he has signed a purchase-and-sale agreement with Citizens Bank and expects to close on the deal soon.
"I would love to see it off the ground and have a show sometime in the spring," Hanney said. "I want to bring it back to life."
A spokeswoman for the bank confirmed that the property is under agreement. The city's Zoning Board of Appeals has scheduled a public hearing for Dec. 10 on a request by Hanney to continue to operate the property as a theater.
Hanney owns Theatre by the Sea in Matunuck, R.I., as well as Entertainment Cinemas, a chain of 10 movie theaters in Massachusetts, Rhode Island, New Hampshire and Connecticut. He said he is confident he can return musical theater to the Dunham Road location by running a leaner operation than North Shore Music Theatre, which went out of business in June due to financial problems and was taken over by Citizens Bank.
"There's got to be major changes or else we'd end up the same way they did," Hanney said. "They were very top-heavy. They had about 60 people working there. We do very well at Theatre by the Sea, and we do it with a lot less than 60 people."
Hanney attended the foreclosure auction at North Shore Music Theatre last month but did not make a bid. He has been negotiating with Citizens Bank on a deal to buy the property and reached an agreement last month, he said.
Hanney said the theater, which was rebuilt after a fire in 2005, is in "magnificent" shape.
"I've never seen anything like it," he said. "They spent a lot of money there. They really have a top-notch facility."
Former North Shore Music Theatre executive producer Jon Kimbell said he was excited that the theater appears close to reopening.
"That's the best news," he said. "I will be very happy to see that theater back up and running."
Kimbell said he has met with Hanney to answer his questions as he considered buying the theater. He called Hanney "smart" and "very personable."
"He's certainly made a success of the Rhode Island theater. I think North Shore Music Theatre is in pretty good hands right now," Kimbell said.
Hanney declined to disclose the purchase price, citing a confidentiality agreement with Citizens Bank until the sale is completed.
The property, which includes 26 acres and three buildings, including the theater-in-the-round, is assessed by the city at $12 million.
Citizens Bank retained ownership by bidding $3.6 million at last month's auction. The only other bid was for $3 million.
Hanney, who has homes in Easton and Brewster, has experience reviving old New England theaters. In 2005, he purchased the 76-year-old Theatre by the Sea after it had been closed for five years.
Hanney said the 500-seat theater played to 86 percent capacity last year, "which is terrific." The theater also has a restaurant, as does North Shore Music Theatre.
North Shore Music Theatre, which opened in 1955, has 1,580 seats. It had 4,400 subscribers when it closed.
Hanney and his brother, Brian, also bought the former Ipswich courthouse in 2005 and planned to turn it into a movie theater. The project never materialized, and they ended up selling the building last year.
The public hearing before the city's Zoning Board of Appeals is scheduled for Dec. 10 at 7 p.m. at City Hall.
Staff writer Paul Leighton can be reached at 978-338-2675 or by e-mail at pleighton@salemnews.com.
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