Officials with INVin and Purdue University on Monday made their pitch to local elected officials on transforming the historic Pantheon Theatre downtown in a co-working space.
Steve Miller, chief financial officer for Pioneer Oil Co. and founder of INVin, a not-for-profit looking to bring more business to Main Street, has been working with local business owner Tony Burkhart, Burkhart Insurance Agency, 16 N. First St., for more than a year in finding a way to turn the now unused and deteriorating theater into a space where entrepreneurial minds could flourish, and they now hope a possible partnership with Purdue University will thrust the project forward.
Joseph Pekny, a chemical engineering professor at Purdue University and an ambassador for its Burton D. Morgan Center for Entrepreneurship, spoke to members of both the city and county councils as well as the county commissioners about a partnership they hope to explore with the proposed Pantheon Business Theater.
Essentially, the local co-working space and small business incubator would be offered a direct artery to the Foundry, Purdue's own entrepreneurial center, one through which its programs and resources could flow.
The Pantheon Business Theater would, like all similar co-working spaces across the state, need a entrepreneur in residence, someone with business experience to guide those looking to get their ideas off the ground.
Purdue would not only help Vincennes find that person, Pekny said, but he or she would also have access to those working at the Foundry as well as its “entrepreneurial ecosystem” of alumni, mentors, legal counsel, programs and resources.
“If you stick out your hand, we want to take it and be a partner,” Pekny told the group gathered at City Hall, 201 Vigo St.
Purdue University already works closely with Pioneer Oil, specifically in bringing the latest in oil and gas technology to their efforts in the Illinois basin.
They already share an employee in Nate Schultheiss, Purdue's director of unconventional energy. Paid by both Purdue and Pioneer Oil, Schultheiss spends about half of his time in Vincennes acting as a liaison between the university and the local oil company, and Miller said Pioneer is willing to donate about 20 percent of his time to developing the Pantheon Business Theater as well.
“It just makes sense since we already come down here,” Pekny said, “to look at what other unique things you have going on in Knox County.”
Officials with INVin are hopeful that an investment made in the Pantheon Business Theatre will equate to more local businesses startups, the growth of existing businesses, the retention of local youth and, in general, greater economic prosperity in Knox County, Miller said.
But to make it all work, INVin, who owns the Pantheon Theatre, needs financial support from both the county and city.
“Do we have people here who are willing to work with the assets that are out there to achieve that growth?” Miller posed to the group.
Local architect and INVin board member Andy Myszak, Myszak and Palmer Architecture and Development, has been working on a redesign of the Pantheon for months, and on Monday he unveiled renderings to local elected officials.
The first-floor would be largely open space but with a coffee shop, a conference room, a few dedicated offices around its perimeter and a presentation platform where the main stage is now.
A small second floor located just underneath the theater's balcony would be transformed into permanent offices, and the balcony would be turned into a presentation area for as many as 275 viewers.
All of it would have elevator access, Myszak said, and cost upwards of $2.4 million to do.
Myszak was quick, however, to say that his estimated cost included very little in the way of actual restoration.
“The ($2.4 million) would get it operable, make it useful for what we have here,” he said. “It would not be fully restored. I just want to make that clear.”
Continued restoration of its most historic elements — many of which would remain alongside the proposed modern upgrade — would cost more money, he said.
Miller is hopeful that the county and and city will split the bulk of the cost — likely about $1 million from each — and with a local investment in hand, he also plans to go to the Indiana Economic Development Corp. for a possible $500,000 grant.
This kind of project, he said, goes right in line with Gov. Eric Holcomb's strategic development plan.
“We just need to work with you on what you're willing to do,” Miller told the local elected officials, “and then work from there to close the gap.”
And Burkhart presented his plan to maintain the facility once it's up and running.
He's on the hunt for 45 local sponsors, each making annual commitments of $1,000 all the way up to $25,000.
Those sponsors would have their names visible throughout the Pantheon and be able to use its amenities. They would also offer mentorship to its members.
Students would be able to use the Pantheon Business Theater at no charge, and individual memberships would likely cost $25 per month. Dedicated, private office space would run between $150-$250 per month.
The theater would be staffed Monday through Friday, 50 hours per week, Burkhart said, and be open around the clock.
Burkhart also wants to put together several Pantheon Angels, or local business owners and entrepreneurs willing to invest in the ideas developed within the walls of the co-working space.
Miller said he envisions city and county elected officials taking over the project once its done, even selecting a board of local professionals to oversee its daily operations.
Pekny said Purdue University is now responsible for as many as 96 startup companies throughout Indiana since 2013. Of those, several are still in their beginning phases while some are considered “break-outs,” or very successful, growing companies.
And Vincennes, he said, is primed with potential given the presence of Vincennes University and its proximity to Naval Surface Warfare Center Crane Division. Purdue, too, is working closely with engineers at Crane in developing new technology, the manufacturing for which could potentially be done right here in Knox County.
“You have more assets than other communities taking this on,” Pekny said.
“There's no guarantee for success,” he said. “But the only sure way to fail is not to try. Vincennes is a storied community. A lot has happened here. And the people who did that tried and kept trying and eventually won. You have a lot going for you. You just have to put it all into motion and have patience.”
Don Villwock, an Edwardsport farmer and former president of the Indiana Farm Bureau, also encouraged local officials to seize the opportunity being afforded by Purdue.
“Now is the time. Now is the place,” Villwock, also a Purdue employee, said. “And the Pantheon is (offering) a great opportunity to bring it all together.”
And Jason Burkhart, who only recently moved back to Vincennes and was involved in a local business startup, said he participated in a small business incubator in Evansville. He was just 21 years old, but he said the facility afforded him huge opportunity.
“To be able to do all that stuff was pretty neat,” he said. “And maybe (with the Pantheon Business Theater) my kids will want to stay here. Maybe I'll have grandkids in Knox County.
“It's a big deal. It really is.”