Milwaukee-based Lincoln Creek Development LLC plans to acquire and reopen a theater on West Villard Avenue in Milwaukee, formerly known as the Ritz and later the Villa Theater.

Constructed in 1926 and located at 3608 W. Villard Ave., it was closed by Marcus Theatres in 1986.

The city acquired the two-story, 7,200-square-foot building through property tax foreclosure in 2015, and acquired an adjacent 3,612-square-foot building through property tax foreclosure in 2020.

The city has sought redevelopment of the properties through a request for proposals process.

Lincoln Creek Development, led by Thomas Matthews Sr., plans to reopen the venue as a neighborhood theater with a single screen cinema and a multi-functional space for small performances, according to plans that will be reviewed by the Common Council’s Zoning, Neighborhoods & Development Committee. It would be called 4Villa Theater. The estimated project cost is $4 million.

The redevelopment plans also call for leased office space on the upper level, a hair salon and a doctor’s office.

Milwaukee-based Kelly Construction and Sheboygan-based Abacus Architects are partners on the project.

To finance the project, Lincoln Creek Development is working with Spring Bank, WWBIC and Clearinghouse CDFI of Ohio. Lincoln Creek has raised more than $3 million of the project’s funding, according to the city’s land disposition report for the project.

Under the proposal, the property would be sold by the city to the developer for $10,125.

The former Villa/Ritz theater. (City of Milwaukee)