The marquee shone.
The entrance glowed with warm light.
Above the doors, the familiar stars had been restored to their original brightness.
Maggie looked around the table.
“I know that demolishing the Starlight would be easier.”
No one spoke.
“I know that a new commercial building might produce a higher return under the most optimistic assumptions.”
Graham leaned back slightly.
Maggie continued.
“But the question is not simply whether this building could become something else.”
She glanced toward Walter Sterling.
“The question is whether we can make it useful enough, safe enough, and financially sound enough to deserve remaining what it is.”
She paused.
“This proposal does not require you to love old theaters.”
Nicholas smiled faintly.
“It requires you to believe the figures.”
She placed the final report upon the table.
“And I believe the figures deserve your consideration.”
For several seconds, the room remained silent.
Then Walter Sterling removed his spectacles.
“Thank you, Miss Bennett.”
She nodded.
“Thank you.”
Graham leaned forward.
“I have several questions.”
Maggie smiled.
“I expected you might.”
He examined the financial summary.
“Your operating projections depend upon an ambitious schedule of performances.”
“Yes.”
“What happens if attendance is twenty percent below forecast?”
Maggie turned to another page.
“We've modeled that case.”
He studied the figures.
“And?”
“The commercial leases and reduced first-phase staffing provide a limited cushion. The nonprofit operator would still need to adjust programming, but the property obligations remain covered under the proposed financing terms.”
Graham looked up.
“Barely.”
“Under that scenario, yes.”
He narrowed his eyes.
“So you admit the margins are thin.”
“Very.”
“Then why should this company accept them?”
Maggie considered.
“Because the redevelopment alternative also carries risks.”
Graham frowned.
“Such as?”
“The additional construction period. The cost of clearing the site. The uncertainty of leasing another large office building in an increasingly competitive market. The financing exposure during construction.”
She turned to another board.
“I've included a side-by-side analysis.”
Graham looked surprised.
Maggie continued.
“Restoration offers a lower potential return, but it also requires a smaller total capital commitment and can begin generating revenue in phases.”
She looked around the table.
“It's a different risk profile. Not a risk-free one.”
Walter Sterling leaned forward.
“And what do you want from us?”
Maggie met his gaze.
“A long-term lease arrangement that gives the nonprofit operator security, allows the private investors to finance restoration, and provides Sterling Properties with a predictable return.”
“And who controls the preservation organization?”
“An independent board with representatives from the arts partners, financial contributors, and community.”
“Not you?”
“I would be the restoration designer, subject to a separately negotiated professional contract.”
Walter studied her.
“And not Nicholas?”
“No.”
The answer was immediate.
Walter looked toward his son.
Nicholas remained silent.
Then Walter turned back.
“Very well.”
He closed the proposal.
“You've given us a great deal to consider.”