WASHINGTON, DC, January 28, 2025: NTCIC is proud to announce the successful financing of the Tivoli Theatre in Chattanooga, Tennessee. The $73 million restoration will transform the historic theater and adjoining Trigg-Smartt buildings into a state-of-the-art performing arts center, revitalizing a key cultural asset in the heart of the downtown district. NTCIC provided a $9 million New Markets Tax Credit (NMTC) allocation and an equity investment in the $12.5 million in federal Historic Tax Credits (HTCs) generated by the project.
Chattanooga’s Iconic Tivoli Theatre Set for Grand Revival
Chattanooga’s Tivoli Theatre, “the Jewel of the South,” opened its doors to the public in 1921 as a 1,750-seat state-of-the-art performance space and is notably regarded as the first public building in the south, and one of the first in the country, to have air conditioning. After decades of changing ownership and experiencing varying levels of usage, the Tivoli Theatre Foundation closed the space in 2022 to begin a full restoration.
“In order to truly improve the Tivoli and the impact it will have on the hundreds of thousands of
people we serve annually, a complete renovation and expansion was necessary. The creation of the new Tivoli Performing Arts Center will allow us to feature enhanced and diverse programming, including our new education department and other outreach efforts,” Wilkinson continued. “As the cultural anchor for the performing arts in Chattanooga for over a century, this project will breathe new life into the Tivoli Theatre and create a new, more accessible community venue that will house rehearsal and education spaces, ultimately creating increased access for all Chattanoogans to witness and be a part the magic of the performing arts.”
Upon completion, the performing arts center will include a new 190-seat cinema and studio, an expanded lobby, a restaurant, six bar spaces, additional event areas, and upgrades to all service and mechanical systems, including bathrooms, HVAC, and more. Outside, the iconic Tivoli Theatre marquee will be restored and modernized to light up the city streets once again.
The Tivoli Theatre Foundation will use its new space to expand upon partnerships with organizations like the Chattanooga Symphony & Opera, Chattanooga Ballet, and the Chattanooga Boys Choir. This expansion of programming and partnerships is expected to increase the theatre’s annual patronage by more than 32,000 people, boosting revenue by nearly 60% within five years.
Community-Driven Impact
“The Tivoli Theatre Foundation is incredibly grateful to NTCIC for their long-term commitment to this important project for the Chattanooga community,” said Nick Wilkinson, CEO of the Tivoli Theatre Foundation. “From the start, NTCIC has been unwavering in its help to facilitate tax credit investment necessary to restore and improve these historic landmark buildings. It is a testament to their belief in our organization and mission and we quite literally could not commence such a transformative project without them.”
NTCIC’s involvement helped to ease the Tivoli Theatre Foundation capital campaign burden and ensure low-cost access to performances and programming for low-income families. The Tivoli Theatre Foundation has raised over $20 million so far through a successful capital campaign, and nearly $12 million in PACE financing is supporting energy-efficient upgrades to the building.
“The Tivoli Foundation has done amazing work creating a space for the people of Chattanooga to enjoy the theatre arts, while simultaneously serving their community and investing in the future of their local students,” says David Clower, CEO of NTCIC. “NTCIC is proud to have played a part in the restoration of this iconic theatre, ensuring that it remains a center of arts and culture for generations to come.”
When the Tivoli Theatre reopens its doors, visitors are sure to be impressed not only by the state-of-the-art upgrades and expansion of the facility, but by the mission-driven goals of the Tivoli Theatre Foundation and its commitment to making performing arts education accessible to all of Chattanooga’s youth.
Click here to learn more about the historic of the building and its next chapter
About NTCIC
The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.
About THE TIVOLI THEATRE FOUNDATION
The Tivoli Theatre Foundation was formed by Chattanooga Mayor Andy Berke in 2015 to ensure the sustainability of two city-owned historic sites, The Tivoli Theatre and Soldiers & Sailors Memorial Auditorium, while promoting them as vibrant attractions that add to the quality of life in Chattanooga.
Image Credits: Tivoli Theatre Foundation