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Supported by a grass roots Friends of the Boyd organization and Preservation Alliance for Greater Philadelphia, among others, Goldenberg has been searching for a partner to play a role in reviving the 2,400-seat theater since acquiring it in 1998. Both Goldenberg and Clear Channel sought in vain for public funding, but will go ahead without it. It has been dark since 2002. The restored theater is scheduled to open next year as a venue for film, concerts and traveling Broadway musicals.

Mayor John Street heralded news of its rescue as confirmation of Philadelphia's commitment to the arts. Ken Goldenberg, Goldenberg's president and CEO, says, 'this project is certain to be a catalyst that accelerates the revitalization efforts on Chestnut Street in Center City."

Goldenberg continues to own an 8,600-sf addition to the property where three smaller theaters were built in 1980. Leslie Smallwood, development director for Goldenberg, says preliminary plans call for putting restaurants and stores there. Howard Haas, who heads Friends of the Boyd, adds his organization would continue to raise funds to restore interior components of the Boyd, including its chandelier and other interior fittings.

David Anderson, president of the Clear Channel division, says, "once completed, the Boyd will provide a truly historic and grand theater experience, anchored in state-of-the-art production facilities." He anticipates 240 productions at the Boyd every year. Clear Channel operates Merriam Theater, Electric Factory, Theater of the Living Arts and Tweeter Center here. This theatrical division is one of several of San Antonio-based Clear Channel Communications that offer subscriptions to Broadway events and secure deals for touring productions.

Its real estate division owns, operates, and consults for 19 theaters in North America and specializes in development, restoration, operation and management of multipurpose theaters. It recently restored Baltimore's former Hippodrome and the Boston Opera House.