Group Makes Last-Ditch Effort to Buy Ioka

A nonprofit group is making a last-ditch effort to buy the Ioka theater in downtown Exeter.

The Exeter Theater Company is trying to secure more donors to work out a deal with Alan Lewis, a real estate mogul who owns the Ioka.

Lewis bought the building for $600,000 at a 2011 auction. That price was nearly double the building's assessed value at the time.

Lewis offered to lease the building to the theater company but changed his mind and wanted it to buy it. The theater company declined to do so after it said it didn't raise enough money.

The theater company said if it can't work out a deal with Lewis by the end of June, it will return donations to people who have already made them in July.

"We will remain faithful to our promise made years ago that if we cannot re-open the theater, we will return your money," said Tony Callendrello, chairman of the theater company's board, in a statement. "For those who contributed to our capital campaign, or who gave permission for us to use their membership dollars in that campaign, we expect to return nearly all of your contribution."

It's unclear if Lewis is still willing to work out a deal. Despite repeated requests, he hasn't done any media interviews about the Ioka since he bought it.

Lewis recently put up a sign on the Ioka marquee that says his family is "sorry funding fell short of goal."

Another sign Lewis put up on the marquee say he's "seeking a historic preservation partner" and lists a phone number, 603-583-4321.

Lewis operates the Kensington Investment Company, which bills itself as a "socially and environmentally responsible real estate development and investment company." The company has several real estate holdings in Boston, Mass.

For decades, the Ioka screened films and was a venue for various performances. Before it was sold to Lewis, the building was used as a Zumba studio.

Below is a letter Callendrello wrote to supporters about the situation:

The Exeter Theater Company has just begun what may very well be the final attempt to save and restore the IOKA Theater.

As you likely know, we opted not to exercise our option to purchase the IOKA from the Lewis Family for $600,000. A detailed summary of the reasons behind that decision can be found here.

We are now working to form a coalition of major donors to step forward and demonstrate once and for all to the Lewis Family that the financial support is there to complete this project. More information on this effort can be found here.

If this effort proves unsuccessful by the end of June, we will begin returning your donations in July. We will remain faithful to our promise made years ago that if we cannot re-open the theater, we will return your money.  For those who contributed to our Capital Campaign, or who gave permission for us to use their membership dollars in that campaign, we expect to return nearly all of your contribution.

In the meantime, we need to know who you know. We want to speak to every potential major donor in the Seacoast and beyond. This is our last chance to save the IOKA before it becomes condos, retail, or offices.

Feel free to email me directly at tony@exetertheater.org or our Project Manager Adam Roberts at adam@exetertheater.org with any contacts or suggestions you may have.  We started this crusade to save the IOKA together and with your help we can finish it successfully.

Thank you for all you have done and continue to do to support us in this cause.

Sincerely,

Tony Callendrello
Chair, Exeter Theater Company Board of Directors