Transaction secures permanent local ownership for Wisconsin’s oldest continuously operating cinema following a successful six-year stewardship.

MILWAUKEE, WI – Monday, March 2, 2026 – Milwaukee Film and Bridge33 Capital today announced the sale of the historic Downer Theatre to Milwaukee Film. The transaction marks the preservation of one of Milwaukee’s most cherished cultural landmarks and ensures the theater will permanently remain under the stewardship of the local film nonprofit. This sale 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,” explains Milwaukee Film Executive Director Susan Kerns. “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.” 

“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,” said Matt Galas, Asset Manager at Bridge33 Capital. “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. We are proud to have served as stewards of this property and to pass the torch to an organization that is so vital to Milwaukee’s cultural fabric.”

Since 2024, Milwaukee Film has operated the Downer Theatre through a strategic rental agreement with Bridge33. In addition to making improvements to the moviegoing experience at the 110-year-old movie house, Milwaukee Film’s operation of the Downer Theatre has made a significant economic impact on the neighborhood itself. According to Cinema United, for every $1 spent at a movie theater, an additional $1.50 is spent in the surrounding neighborhood on food/drink, nearby shopping, parking, etc. In 2025 alone, Milwaukee Film’s Downer Theatre generated an additional $952,500 for the neighborhood.

“This is an exciting new era for Milwaukee Film,” exclaimed Milwaukee Film Board Chair Lacey Sadoff, “and brings a new layer of stability for film culture here in Milwaukee. We can’t wait to show you what’s in store.”

Bridge33 Capital acquired the Downer Theatre and surrounding retail properties in early 2020. Over the past six years, the firm focused on strengthening the Downer Avenue commercial district to ensure the theatre remained part of a thriving retail ecosystem. During a challenging period for physical retail, Bridge33 successfully curated a vibrant mix of businesses – including Salon Nova, Rohr Jewelers, SereniTea, and Tropical Smoothie Café – to complement the cinema and drive consistent foot traffic to the block.

Milwaukee Film’s purchase of the Downer Theatre was made possible through a number of private donations, as well as a generous low-interest loan courtesy of The Helmerich Trust.

“Buying the building is just the beginning,” Kerns notes. “We have ambitious plans to restore this historic cinema in a way that honors its legacy while ensuring it serves today’s audiences. Our vision includes upgraded seating, expanded accessibility features, upgraded audio and projection systems, and the addition of 35mm film capabilities to reconnect the theater with its rich tradition of cinema exhibition. We are also planning significant improvements to restrooms and an expanded lobby that will create a more welcoming and inclusive gathering space for our community.”

“Milwaukee Film is the ideal successor for this property,” added Galas. “Their operational success over the past two years proves they are ready to guide the Downer’s legacy for generations to come.”For more information on Milwaukee Film’s Downer Theatre renovation efforts and donation opportunities, visit mkefilm.org/savethedowner.