The former Regal Cinemas building in Wilsonville could become a performing arts center.

While Wilsonville grieved the loss of its only movie theater two years ago, community members may find a silver lining in a potential new use for the property.

The city is currently exploring the possibility of a new performing arts center in the former Regal Wilsonville building at 29300 SW Town Center Loop, after City Manager Bryan Cosgrove received permission from the City Council last month.

Cosgrove said the property was recently purchased by MOB Investments, based in Vancouver, Washington, and he was approached by a broker about the city of Wilsonville potentially leasing the space — a model he said he isn’t sure exists elsewhere.

Regal Wilsonville closed suddenly in summer of 2023 after Regal Cinemas parent company Cineworld filed for bankruptcy and announced a company reorganization. Entertainment Properties, a real estate investment trust that used to own the property, put the Wilsonville site up for sale at a price of $8 million that fall.

Cosgrove said city staff members are currently performing “due diligence” on the possibility and looking for comparable models in other cities. Staff will return to the City Council on the matter once more concrete information is available.

Still to be determined are details such as the cost of a lease and possible uses for the space, along with sources of revenue to pay the cost. If the city pursues a lease, Cosgrove said the cost would come from the city’s general fund.

The former movie theater will be divided into smaller portions that Cosgrove said host multiple uses. One possibility is a community theater, which he said has garnered some interest from residents and could be utilized by an existing local theater group.

“What I need to bring back to (City Council) is some kind of a concept of what we could use that space for. A community theater would be only one of the things we could use it for,” Cosgrove said. Other potential uses include public art shows and educational uses like computer labs.

“It’s just a lot of conversations and trying to figure out how we could program the space, and how other cities are using their spaces,” Cosgrove said.

Cosgrove said the city is currently performing “a lot of due diligence” and will return to the council on how to proceed when more concrete information is available.

Representatives from MOB did not return a request for comment.