Milwaukee Film has purchased the historic Downer Theatre, a move that secures local ownership for the 100-year-old East Side movie house.
The nonprofit organization purchased the Downer Theatre from Bridge33 Capital, a Seattle-based commercial real estate firm. The purchase also kicks off Milwaukee Film’s multi-year capital campaign to raise funding for historic preservation, renovation and improvements to the Downer Theatre.
“Owning the Downer Theatre is a dream come true for Milwaukee Film,” Executive Director Susan Kerns said in a statement. “It affords our organization stronger financial footing and ensures our ability to provide the city we love with the film festivals and year-round programming it deserves. We’re delighted to close this deal in time for this April’s Milwaukee Film Festival.”
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The Downer Theatre was the city’s longest-running movie theater before it closed in September 2023. Since March 2024, Milwaukee Film, which also operates the East Side’s Oriental Theatre through a rental agreement with New Land Enterprises, has operated the Downer Theatre through a rental agreement with Bridge33.
“Our goal for the Downer Theatre was always to foster a vibrant neighborhood hub and eventually transition the asset to a sustainable, long-term owner,” Matt Galas, asset manager at Bridge33 Capital, said in a statement. “By revitalizing the surrounding retail mix and maintaining a flexible partnership with Milwaukee Film over the last two years, we were able to bridge the gap to permanent local ownership.”
Bridge33 Capital acquired the Downer Theatre and surrounding retail properties in early 2020. Since then, the firm focused on strengthening the Downer Avenue commercial district to ensure the theatre remained part of a thriving retail ecosystem. This has led to a mix of new businesses on along Downer Avenue, including Salon Nova, Rohr Jewelers, SereniTea and Tropical Smoothie Café – that’s driving consistent foot traffic around the theater.
“This is an exciting new era and brings a new layer of stability for film culture here in Milwaukee,” Milwaukee Film Board Chair Lacey Sadoff said.
Milwaukee Film’s purchase of the Downer Theatre was made possible through various private donations, as well as a low-interest loan courtesy of The Helmerich Trust.
“Buying the building is just the beginning,” Kerns said. “We have ambitious plans to restore this historic cinema in a way that honors its legacy while ensuring it serves today’s audiences.”
Planned renovations include upgraded seating, expanded accessibility features, improved audio and projection systems, and the addition of 35mm film capabilities to reconnect the theater with its tradition of cinema exhibition. There are also plans for an expanded lobby and improvements to restrooms.
“Milwaukee Film is the ideal successor for this property,” Galas said. “They are ready to guide the Downer’s legacy for generations to come.”
The Downer Theatre and Oriental Theatre are set to host this year’s Milwaukee Film Fest, which runs April 16-30.
