The Durham Performing Arts Center (DPAC), a public/private development led by Garfield Traub Development of Dallas in partnership with Szostak Design of Chapel Hill, reported recently a net income of more than $4.5 million in fiscal 2011-12, with $1.8 million of these funds going to the City of Durham. Under its operating contract with PFM/Nederlander, the City receives 40% of the annual net income from the theater to use for amortizing debt and maintaining and paying other costs related to the City-owned Theater.
DPAC director Bob Klaus reported attendance to be over 417,000, with 25% of attendees being first-time patrons. Over one-third of the performances were sold out, and the SunTrust Broadway series has already counted almost 11,000 subscribers for the 2012-13 season.
DPAC’s largest attendance for the past season was the return performance of “Wicked”. 82,000 people attended 32 performances, just two years after a successful first run at the DPAC.
Projections for surplus cash flow after operations were originally conservatively estimated at $400,000 per year, with approximately $160,000 (40%) going to the City. Fortunately for the DPAC and the City of Durham, the actual results have exceeded the original, purposefully conservative projections by a factor of ten!
Bob Klaus, General Manager of the DPAC, commenting on the performance of the theater, said “the expectations were high, but we beat all expectations”.
Just last month, Pollstar ranked DPAC as #2 among the top 100 best-selling theaters in the world, second only to the Auditorio Nacional in Mexico City, and the #1 top-selling theater in the US, beating out widely-known theater markets like Los Angeles and New York City.
The reputation and performance of the DPAC continues to validate the vision and leadership of the City and its development team which worked so collaboratively throughout the development process. Public/private partnerships are now being aggressively promoted across the nation, and the Durham Performing Arts Center stands as a paradigm of success of public/private collaboration.
Contact Garfield Traub Development if you would like to see how they can help create your City a successful performing arts center like the DPAC.