Parramatta Council votes to plug funding gap for Riverside Theatres redevelopment

A decision about how a massive funding gap to redevelop a Parramatta landmark will be plugged has been made as a council desperately strives to transform it into a Broadway-worthy attraction.

An artist's impression of the new Riverside Theatres at Parramatta.

Parramatta Council has unanimously voted to plug the $93m funding gap needed to redevelop the Riverside Theatres into a $276m world-class venue – with or without federal support.

The move guarantees the 37-year-old theatres will transform into a venue capable of hosting Broadway and West End productions for the first time by doubling its capacity to 2780, including a 1500-seat lyric theatre, a refurbished 760-seat Riverside Playhouse theatre, a new 420-seat black box drama theatre, an 80-seat digital studio and cinema, and public places.

The council has thrown $140m towards the project which includes funds from the sale of the Riverside carpark.

The state government has injected $40m into the project – which is expected to welcome 400,000 visitors a year – but no funds have yet been committed from the federal government.

At a confidential session of an extraordinary council meeting on Monday night, the council committed to finding more funds to close the gap and guarantee the project.

The overhaul is ‘shovel-ready’ but funding gaps have delayed the redevelopment of the Riverside Theatres.

It plans to do that by endorsing funding sources including developer contributions, property reserves, third party grants and philanthropic funding.

Ahead of the decision, independent councillor Kellie Darley said it was “unacceptable” the council could potentially fork out extra for the project and called on the state and federal governments to step up.

Parramatta Council is footing most the bill for the Riverside redevelopment but that could increase after tonight’s meeting.

“I think this is unacceptable, particularly when most local residents may never directly benefit from the redeveloped theatre,’’ she wrote online.

“The state and federal governments must provide more/some funding for the regional facility and I also think a special rate levy for CBD businesses, who are set to benefit greatly through increased tourism, needs to be explored.’’

Cr Darley and Liberal councillor Tanya Raffoul were absent from the meeting.

The council has applied for a $50m federal government grant.

The theatres’ will double in capacity to the existing venue.

Parramatta federal Labor MP Andrew Charlton would not comment on the funding process but has backed the redevelopment.

“The Riverside Theatres is a really important project for Parramatta,’’ he said.

“It’s an icon for the arts in western Sydney and I think everyone would support the project’s progress.’’

Regardless of the federal backing, the council will push on with the project.

Other Parramatta projects such as the Powerhouse in recent years have been buoyed with private support including property developer and philanthropist Roy Medich making a donation for a cinema at the Powerhouse.

Parramatta Lord Mayor Martin Zaiter said the reimagined Riverside Theatres would bolster western Sydney’s 24-hour economy, provide jobs and opportunities, “attracting visitors from near and far to enjoy Broadway quality shows and the best of Australia’s incredible performers along with all that western Sydney has to offer”.

Business Western Sydney executive director David Borger said the council had “thrown everything” at the theatres’ overhaul and it was a challenge to close the funding gap.

“It’s critical for the city that we have a working theatre,’’ he said.

Originally published as Parramatta Council votes to plug funding gap for Riverside Theatres redevelopment