The Overture Center's Capital Theater premiered its first show Friday as the second phase of Overture remodeling opened to the public.
Capital Theater, 201 State Street, opened in 1928 showing silent films, and remained a landmark when it was reborn as the Oscar Meyer Theater in 1980. It is now home to the Wisconsin Chamber Orchestra, Overture Presents, and the Children's Theater of Madison Family Theater.
The opening marked the realization of a dream conceived in 1999 when Madison philanthropist W. Jerome Frautschi pledged $100 million to see The Overture Center remodeled and Capital Theater restored. Prominent architect Cesar Pelli designed the arts center.
'For the people who loved the old Capital Theater and the Oscar, it's more beautiful than it ever was,' Overture CEO Michael Goldberg said.
The Oscar Meyer's 2,250 worn down seats have been replaced with 1,100 new and comfortable ones that enable the audience to enjoy the heightened acoustics, the larger, full size stage and the improved balcony and lobby.
'It's a very, very beautiful restoration of the original Capital Theater with the old elements restored and new elements designed,' Goldberg said.
Frautschi's original gift of $100 million was placed in a trust while Overture borrowed $115 million to begin to pay for construction and material costs. The trust was to serve as collateral against the loan and expected to produce enough interest to make loan payments and eventually be liquidated to pay off the original amount of $115 million.
When the market faltered, the city needed to restructure the management of Frautschi's gift. The city chose to refinance the trust money and the interest would gradually pay off the standing loan.
'I and the overwhelming majority of the City Council came to the decision that we thought we should allow Frautschi's endowment the opportunity to work and to grow.' Ald. Mike Verveer, District 4, said.
The city has now pledged its 'moral obligation' to the center, becoming a partner that would financially back the Center should the market falter again.
'In it's simplest form, the city is like a co-signer of a loan,' Cieslewicz's spokesperson George Twigg said.
Overture Hall was phase one of the remodeling projects and opened in September 2004. The second phase was comprised of Capital Theater.
The two-year remodeling plan will be complete next spring with the opening of the Museum of Contemporary Art and The Playhouse, home of the Madison Repertory Theater.
'Capital Theater is an awesome addition to the arts scene in Madison and we're very lucky to have that new facility downtown,' Verveer said.
