So, STG is taking over the Neptune Theater. But what exactly will they be doing to it?

Well, basically, they're going to do a little remodeling/restoration, they're going to start hosting live performances, and they're going to continue to do some film programming.

Let's cut to the press release!

STG To Operate Historic Neptune Theatre In Seattle University District

FOR IMMEDIATE RELEASE TBD, 2010 - Seattle Theatre Group (STG), the non-profit operators of the historic Paramount and Moore Theatres, announced today the signing of a long-term year lease to operate the historic Neptune Theatre, located in Seattle’s University District.

STG will operate The Neptune Theatre utilizing the stage and programming live performance with the goal to help fortify the University Business District and provide diverse performing arts to a community outside the downtown core. The venue will close for maintenance and is expected to re-open Spring 2011.

“The core of STG’s mission is to make diverse dance, music, film, theatre, and arts education an integral part of our rich cultural identity; by expanding The Neptune’s capacity for increased artistic diversity, STG will not only preserve the historic theatre but also increase options for the community to engage with the arts,” said Josh LaBelle, STG’s Executive Director.

Maintenance projects include:
• Restroom remodel
• Building sprinkler system
• Remove 50% of main floor seating
• Restore historical cosmetic detail

“Obtaining the historic Neptune Theatre provides an opportunity for STG’s unique programming vision of combining high quality diverse performing arts with community arts,” says Adam Zacks, Senior Programming Director.

Programming at The Neptune Theatre will include:
• Concerts representing a broad spectrum of musical genres
• Film
• Comedy and Speakers
• Fine arts performance
• Community performances and events
• Educational events and workshops
• Free public events

Staying true to the Neptune’s tradition of screening cutting-edge and avant-garde film, STG will continue screening film, and will do so by expanding its existing community partnerships with organizations such as Seattle International Film Festival (SIFF).

“Teri White and all the folks at Landmark Theatres have been great tenants for many years, but The Neptune could have been another casualty in the declining single-screen theater industry if it weren’t for our partnership with Seattle Theatre Group,” says Craig Thompson. “My family’s theater has been a fixture in the University District since 1921 and expanding the artistic programming beyond film will help keep it a vital part of this community.” The corner of 45th and Brooklyn has been family owned since 1919, with The Neptune building built in 1921. “If not for this partnership, we’d be considering numerous non-arts related property uses, such as retail.”

The historic Neptune Theatre opened in 1921 and became the first movie house in the University District. The building survives as one of Seattle’s oldest theatres and is currently configured exclusively for the presentation of cinema.