A historic Houston movie theater has secured the necessary funds to move forward with its renovation and redevelopment plans.

Community non-profit Arthouse Houston announced on Tuesday, November 10, that it had closed on a seller-financed loan to purchase the Garden Oaks Theater. Thanks to support from 900 donors, Arthouse closed on the $7.1 million property purchase today, putting $2 million down and saving the building from demolition.

“The wind is in our sails,” Arthouse Houston director Maureen McNamara said in a statement. “We expect this level of community support and energy to grow and spread as we enter into the restoration and renovation phase that is coming next. We will restore the original marquee and neon blade sign that was removed but saved. We will apply for national, state, and local historic designations, then seek protected landmark designation as soon as possible once the building loan is paid off.”

Saving the postwar Art Deco cinema on N. Shepherd Dr. has been Arthouse’s primary mission as of late, getting a lot of help from both local devotees and famous natives. Last summer, the organization held the Wes Anderson Homecoming Soiree, where the Houston-born, Oscar-winning auteur came back to Houston to shake some hands and support the endeavor. (Both he and fellow Oscar-winning hometown boy Richard Linklater have been avid supporters.) In September, Arthouse announced that it was only $400,000 short of a targeted $3.1 million goal to cover the down payment and carrying costs.

The true goal for the Garden Oaks is to transform it into an arts and film center, with year-round film and arts programming, film production, eateries, art, and educational resources. The theater will be able to host major film premieres, live performances, and festivals in its 700-plus seat main auditorium. According to McNamara, “Local groups such as Houston Association of Producers, Southwest Alternative Media Project, Performing Arts Houston, HCAS and many more have expressed interest in being part of the new arts center.”

Arthouse has now begun a capital campaign for the estimated $18-20 million project, seeking support from foundations, major private donors, and sponsorship partners. But they’ll also look for community donations for the Name-a-Seat campaign and preservation by-the-foot of the neon blade sign and marquee. Before the grand reopening, the theater hopes to operate a temporary drive-in theater in the large parking lot during renovations.