Mr. Anderson predicts the theater will create the equivalent of approximately 100 full-time jobs. He and the City Economic Development Corporation also believe it will spur economic development beyond the new Gap Factory, Crunch gym and boutique hotel. The hotel, which is being developed by the Brooklyn-based SY Group I, will have 69 rooms on Floors 2 through 7, and a 3,000- to 4,000-square-foot restaurant on the ground floor, said Joseph Sardor, president of SY Group I.
“When you see people investing in a neighborhood — be first movers — others will follow,” said Margaret Anadu, a managing director of Goldman Sachs who oversees the Urban Investment Group’s investments in New York and New Jersey.
Kings Theater will be “a catalyst for economic development along Flatbush Avenue,” said Marty Markowitz, the former Brooklyn borough president. “There’s no doubt restaurants will come back.” Mr. Markowitz began fighting in the 1970s, initially as co-founder of the Flatbush Development Corporation, to save the theater, the first place he “took a girl on a date alone.”
Currently vice president for borough promotion and engagement for NYC & Company, the city’s tourism marketing agency, Mr. Markowitz predicted tourists “will go wild over the job they did inside.” He also predicted the theater would be used as a set for television productions and for high school graduations, as it often was in the past.
Kings Theater, he added, will be “Brooklyn’s Beacon and Apollo theaters all in one.” It’s an apt analogy, since an Apollo favorite, Diana Ross, will perform at Kings Theater’s first concert when it reopens Feb. 3.