Downtown Theater Incubator Gets $4.2M in City Funds
The city pays only if THIRD Street raises about $3.3 million more and meets performance targets.
Updated on Nov. 4, 2026 in Arts Theater — General
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Downtown residents and the valley's arts community get a performing arts incubator closer to reality: the City of Las Vegas Redevelopment Agency unanimously approved $4.2 million in reimbursement funds for THIRD Street to renovate the former Eclipse Theaters.
Why it matters
The reimbursement is conditional: THIRD Street must raise the remaining roughly $3.3 million of the projected $7.47 million construction cost and meet certain performance metrics before the city pays out. Whether the nonprofit closes that gap will decide how quickly a 250-seat studio theater and training space open to the public downtown.
The city's $4.2 million reimbursement covers a little more than half of the projected $7.47 million build-out, with THIRD Street responsible for the remaining $3.3 million. The nonprofit projects 200 events and 200,000 attendees a year, though the source does not say how those projections were modeled.
The players
THIRD Street
The nonprofit arts organization leading the performing arts incubator and multiplex project downtown.
City of Las Vegas Redevelopment Agency
The city body that unanimously approved the $4.2 million reimbursement tied to the project's fundraising and performance conditions.
College of Southern Nevada
The institution with which THIRD Street has a dual enrollment partnership that would let students earn college credits and industry credentials.
The details
The Redevelopment Agency approved the reimbursement unanimously on November 4, 2026. The project would combine two former cinemas into a flexible studio theater with 250 seats, along with safety infrastructure, restrooms and dressing rooms. The city will reimburse only if THIRD Street raises the remaining construction funds and meets performance metrics; the nonprofit's existing 41,000-square-foot multiplex at 3rd Street and Gass Avenue, leased in December 2025, is the site.
Timeline
December 2025: THIRD Street signs the lease for the 41,000-square-foot multiplex at 3rd Street and Gass Avenue.
November 4, 2026: Redevelopment Agency unanimously approves the $4.2 million reimbursement.
November 14, 2026: THIRD Street holds its inaugural gala and Cockroach Ball.
Beyond the Strip
The project fits the city's stated economic development priorities, which name growing arts and culture alongside workforce development. It puts a downtown performing arts venue on the same track as the city's wider push to diversify beyond the resort economy.
If you're downtown, expect a new performing arts venue and training space to take shape at 3rd Street and Gass Avenue once funding and construction are in place. Watch THIRD Street's fundraising progress, since the city's money depends on it.
The takeaway
The city's $4.2 million is conditional on THIRD Street raising the remaining $3.3 million and hitting performance targets, so the fundraising results are the thing to watch. Check the nonprofit's project page and the November 14 gala for updates on how close the project is to funding.
What happens next
THIRD Street's inaugural gala and Cockroach Ball is set for November 14, 2026, the nonprofit's first public event after the city's approval.
Further reading
For more on the valley's stage and performance scene, browse our Arts Theater — General coverage.
More information
Find project details on the THIRD Street project information page.
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