Federal Historic Tax Credits
$6.4 Million
Total Project Cost
$39.8 Million
Project Partner
City of Palm Springs
Impact
Iconic Historic Preservation
History
A Star Studded Stage
The Plaza Theatre stands as one of Palm Springs’ most iconic cultural landmarks, with a rich Hollywood history spanning nearly nine decades. Built as part of La Plaza, one of the first planned shopping centers in Southern California, the theatre was commissioned by Julia Carnell, a Dayton, Ohio businesswoman, philanthropist, and heiress to the National Cash Register Corporation fortune, who
spent the later years of her life as a winter resident in Palm Springs. The theatre’s Spanish Colonial Revival architecture, designed by Palm Springs architect Harry Williams, featured elaborate facades carved into the walls and twinkling, star-like lights on the ceiling.
The Plaza Theatre was originally owned by Earl Strebe from its completion in 1936 through 1974. The theatre opened with the world premiere of the Oscar-winning George Cukor film “Camille.” With the rise of the film and entertainment industry, the 1940s and early 1950s marked a particularly prolific period for the theatre, during which time it hosted an array of charity events, benefit shows, live theatre and variety show performances, and several live audience radio show recordings. Local Palm Springs enthusiasts Frank Sinatra and Bob Hope were known to host and perform at the Plaza Theatre. During the 1940s, Bing Crosby used the Plaza Theatre to record several episodes of “The Bing Crosby Show.”
Beginning in 1974, the Plaza Theatre was leased to distributor, exhibitor, and producer Fred Stein. Stein made alterations to the original structure including new stucco interior walls and a snack bar. The theatre was then sold in 1977 to Metropolitan Theatres, a Los Angeles-based multiplex theatre corporation, which removed the
theatre’s historic ticket booth and subdivided the auditorium into two smaller theatres. Metropolitan Theatres ceased operating the Plaza Theatre in 1987, and the auditorium was restored to its original one-theatre size the following year.
In 1989, the City of Palm Springs purchased the theatre and began an interior remodel. This included lighting, electrical, and mechanical upgrades, enclosure of the south exit arcade, alterations to the auditorium, remodeling of the control booth, and construction of a ticket booth and accessible restrooms. The renovation was largely completed between 1989 and 1992. In 1990, the Plaza Theatre began hosting the Palm Springs International Film Festival, and in 1991, the building became a Palm Springs Class 1 Historic Resource and home to a musical revue show titled The Fabulous Palm Springs Follies. The Follies ran seasonally for almost 25 years until closing permanently in 2014. The revue show gained national attention through features on ABC’s 20/20, The Today Show, and other major media outlets. After the Follies closed, the Plaza Theatre was shuttered while the City of Palm Springs, and later the Palm Springs Plaza Theatre Foundation, worked to fully restore the theatre to its former historic glory.
Revitalization Efforts
The Second Act Begins
After completion of the renovation and restoration, the
702-seat theatre will reopen as a live performance theatre, showcasing musical, comedic, theatrical, and variety performances, along with community events.
The renovations will include an expanded, air-conditioned lobby area, as well as a renovated inner lobby featuring a new bar. Upgrades within the theatre itself include the installation of new seating and a leveled floor area to provide wheelchair-accessible seating, along with the repair and preservation of the historically significant atmospheric sidewalls and ceiling. The stage area will be reconfigured with an expanded apron and a new stage floor. New theatrical equipment will be installed, including lighting trusses, grid, and drapery, as well as updated audio/visual systems and a surround sound system. Dressing rooms will be modernized with new restrooms and showers, including a new accessible dressing room at stage level. Additional acoustic treatment and sound control enhancements will also be incorporated throughout the facility. Structural work has been completed and includes a seismic upgrade to the historic building and structural reinforcements to accommodate the planned theatre renovations.
A dedicated Plaza Theatre museum will be located in a hallway at the stage-left side of the building. The hallway includes formerly bricked-over archways that have now been reopened with windows installed. The hallway museum will include important memorabilia from the theatre’s early years, showcasing its historic connection to Hollywood.
Impact & Results
When the Plaza Theatre reopens its doors, residents and visitors alike are sure to be wowed not only by the additions of modern conveniences and expanded accessibility, but by the careful consideration of the building’s unique history and architectural character in the renovations.
NTCIC & Progress
Project Financing
This $39.8 million project was funded through a variety of sources including $15 million from the Palm Springs Theatre Foundation, grants, and an equity investment by NTCIC in the $6.4 million federal Historic Tax Credits generated by the project.
NTCIC’s role in the project includes acting as the Federal HTC Investment sourcer, underwriter, and closer, Federal HTC Asset Manager, and HTC Investor Fund Manager.
Who Worked On This
Preservation is a Team Sport
NTCIC’s in-house experts bring depth across finance and compliance:
Team & Roles
- Kathleen Galvan – Acquisitions Manager: Sourced project, performed preliminary underwriting, negotiated terms and paired with investor
- Carolyn Tom – Project Manager: Underwrote and closed the project.
- Maggie Ramold-Kile – Asset Manager: Construction monitoring, quarterly and annual reporting through compliance period.
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Energy Tax Credits
$65 Million
Megawatts
58.4
Project Partner
ForeFront Power
Impact
Sustainability
Project Details
A Sustainable Future for All
NT Solar’s largest portfolio investment to date involved the financing of $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with ForeFront Power, a leading developer and long-term owner-operator of solar energy and storage projects.
This portfolio, developed end-to-end by ForeFront Power and with a development cost totaling over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connecting to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores NT Solar’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.
The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use.
Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic or environmental hardships as a result of the fossil fuel industry.
NT Solar provided an initial investment in April for a 48.5 Megawatt DC portfolio of 79 solar installations. In July, NT Solar further invested in an expansion of the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW. This additional investment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history.
Impacts
Environmental Sustainability
The 58.4 Megawatt (MW) portfolio will generate an estimated 17.5 gigawatt-hours (GWh) over the life of the project, which:
2,500 Homes
Enough electricity to take nearly 2,500 homes off the grid
14 Million Pounds of Coal
Equivalent of burning nearly 14 million pounds of coal
14,000 Acres of Forest
Sequesters same amount of carbon as over 14,000 acres of forest
1.4 Million Gallons of Gas
Offsets emissions from 1.4 million gallons of gas annually
About ForeFront Power
Partnership at Work
ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. The ForeFront Power team has 15 years of experience working together to develop more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity.
ForeFront Power serves business, government, education, healthcare, and community solar customers with a broad array of development, asset management, and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model. To learn more, visit www.forefrontpower.com.
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