"We felt very strongly that Broadway By The Bay should not become another casualty of the recession," says Lori Lochtefeld in a press release. "As with the Fox, we felt compelled to act — some things are just worth saving."
The Lochtefelds will also move the theater company's office to the Fox Theatre office to save on rent. Broadway By The Bay has been a major tenant of the Fox for the past year while the San Mateo Performing Arts Center is undergoing a three-year renovation.
"Our immediate plans are to provide the means to finish the current season, which includes production of 'A Chorus Line' in September," says Eric Lochtefeld. "Then we plan to produce two to three shows a year at the San Mateo Performing Arts Center, when it reopens."
After purchasing the Fox Theatre, the Lochtefelds revitalized it. President Obama attended a fundraiser at the theater in May. Other celebrities who have appeared there include Caroline Kennedy, George R.R. Martin and Rick Riordan.
Mr. Lochtefeld, a Menlo Park native, confirmed that he and his wife are providing about $250,000 in financial support to help Broadway by the Bay out of debt and provide funding for "A Chorus Line," which opens Sept. 22.
Mr. Lochtefeld is co-founder of the for-profit global clearinghouse for internships called Dream Careers Inc., based in Redwood City. He was in the music industry as a producer for several years. Ms. Lochtefeld, a graduate of the University of Southern California, started her business career with Morgan Stanley and is the founder of Lacewell Realty Inc.