LOUISVILLE, Ky. (WDRB) -- A Louisville concert hall is the first in the country to be part of a new fund geared toward saving independent live music venues.
Owners of Headliners Music Hall said the support is a financial shot in the arm after they put their building at 1386 Lexington Rd. up for sale in 2020.
The Live Venue Recovery Fund was created by Charlotte-based Grubb Properties and Minneapolis promoter Dayna Frank. As it did with Headliners, the fund will purchase independent music venues and keep them afloat while stages sit empty due to the COVID-19 pandemic.
"They just purchased the property — the long-term lease. More importantly, we've got an option to buy it back," Headliners co-owner Joe Argabrite said. "It's been amazing to hear people genuinely cheer that we are going to make it."
The recovery fund focuses on venues that are capable of redevelopment, were successful before the pandemic hit and are significant in their communities. While Argabrite and co-owner Billy Hardison pay Headliners' rent, Grubb Properties is extending the venue's capital for large-scale interior renovations.
Although Grubb Properties primarily deals with residential and office development, both CEO Clay Grubb and Frank are passionate about live music and want to make sure it continues. The fund provides more peace of mind to an industry that was one of the first to shut down and will likely be one of the last to recover.
Grubb did not say how many independent venues across the country will be part of the fund but knows it will be "a lot."
"At the end of the day, we want to try to come up with win-win solutions for landlords who probably want out of the ownership of music venues and operators who want to own and control the real estate where they operate," he said.
"... The thing we have to understand are these folks have really, really struggled."
Headliners is planning to hold outdoor concerts later this spring.
"With the fund and the grant combination, we feel really excited about the future," Argabrite said.
In December, Congress approved the $15 billion "Save our Stages Act," which will also help keep the lights on and the music going at venues around the country.
Related Stories:
- Building that houses Headliners Music Hall up for sale; business doesn't plan on closing
- Congress approves $15 billion 'Save our Stages Act,' leaving Louisville venue-owners 'thrilled'
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