Thank you. Thank you. I have a quick question regarding the proposal, and I'll hand it over to Councilmember Wilson. I would like to better understand why the use of the additional floor area available through the current special permit is limited to the site where the theater is located, if you could share with us. That's— I'll address that.
That is in the provision of the zoning resolution right now. It was This text dates back about 44 years to one— it's one of the original in the Theater District, which was one of the first special districts. It was thought that it would benefit owners at the time by having their ability to build over or around where they sit, exactly where they are.
In the many years since it's been passed, it's been used 3 times. So an average of like one every 15 years, once every 15 years. And this has been a real— this particular— What's the name of the district? provision has been a real issue because you just have to happen to have a building that is going to be developed.
We don't. The development occurred before it was a legitimate theater. So this provision, by changing it, it will allow us to have the development rights used elsewhere within the theater district. Thank you. Councilmember Wilson? Thank you, Chair. Good morning. As I said in the remarks, very excited about this project, and I'm really excited to see that the application will make it possible for Studio 54 to undergo some much-needed upgrades.
To what degree do the proposed text amendments impact other theaters in the District, and do you have an idea of how many other theaters may benefit from these changes to how the floor area bonus may be used? The zoning resolution, like in many cases, is not for just one property. It's a general text for the theater district as a whole.
We know of one other theater that has an application also coming down the pike, but that's all we know right now. But theoretically, this is a tool that other theaters that are very old can utilize for upgrades. That's right. And it will be another source of their ability to raise funds to do that. So part of the text amendment adds that the bonus floor area can only be used by a receiving site once the substantial rehab in the theater has been completed.
How does this impact the timeline for the transfer of development rights? There's a number of guardrails on use of these development rights. One is that the city will be able to get the benefit of the bargain, meaning the rehab work will be done before you can then sell the development rights. So you'll either have to have a contract ahead of time or a bridge loan or some other mechanism to fund during that interim period.
Have you begun discussing the transfer of development rights to potential receiving sites? And are there developers interested in purchasing your potential bonus floor area? You know, we've been hamstrung. It's hard to sell something that you don't have. So we have been working hard to get this text passed through and then to be able to say to people, now we have something that we can sell to you.
And then when will renovations begin? And when they begin, how is that going to affect the programming at Roundabout and Studio 54? So right now, the plan is for construction to begin in 2028 and last approximately 2 years. Thankfully, Roundabout operates 5 theaters within the theater subdistrict. And so it's sort of a careful chess game of what what goes into production and what comes offline, and we're currently in the process of planning that season.
But our intention is not to reduce our offerings at all to our— the students and audiences we serve.