Beaty Capital begins second phase of work on TempleLive in Cleveland
by August 1, 2023 10:12 am 842 views
Rogers-based Beaty Capital Group (BCG), which owns TempleLive in downtown Fort Smith, has obtained an $8.1 million construction loan for a second phase of renovation of the more than 100-year-old Masonic Temple in Cleveland.
According to BCG, GreenLake Real Estate Fund of Pasadena, Calif., provided the construction loan and also provided a previous loan of $6 million for the first phase of work to convert the Temple into a multi-purpose entertainment venue.
Work in the second phase includes a new roof, climate control system in a building that never had air conditioning, new electrical systems, plumbing and bathroom updates, exterior building lighting, new sound system, and historical décor updates.
“We are pleased to get back on track after the project was delayed by the pandemic for over two years. It took us a while to get ramped back up,” Beaty said in a statement. “We wanted to let things in the entertainment industry return to pre-pandemic levels. We feel like 2022 was an adjustment year and that things are back to normal this year.”
The historic 200,000-square-foot Masonic Temple was opened in 1921 by the Scottish Rite bodies and the Shrine. Since its opening in 1921, the building has been in continuous operations and served as the central facility for Cleveland area Masons until 2020, according to BCG.
BCG owns three former Masonic Temples in Arkansas, Kansas and Ohio in which TempleLive hosts national live music and entertainment acts. The three sites have combined employment of around 120, according to Beaty.
The company acquired the historic 53,000-square-foot Masonic Temple in downtown Fort Smith in November 2014 in a $2.5 million deal. The three-story building at 200 N. 11th St. was built in 1928 and has numerous meeting rooms and a theatre capable of seating 900. It reopened as TempleLive in August 2017 after approximately $5 million in renovations.
The Wichita Scottish Rite Center, in the heart of downtown Wichita, Kan., was acquired by BCG in early 2019. Terms of the private transaction were not disclosed. The Wichita facility was first constructed between 1887-88 for the Young Men’s Christian Association and was sold to the Scottish Rite Freemasons in 1898. The building was expanded in 1907 and in 1956.