The Las Vegas Redevelopment Agency approved $4.2 million in reimbursement funds Wednesday for the Third Street Arts & Media Incubator to transform the former Eclipse Theaters at 814 S. Third St. into a creative arts campus. The money comes from the RDA Special Revenue Fund and will cover Phase 1A of the project, which carries a total estimated cost of over $7.4 million. The nonprofit plans to raise an additional $3.3 million in private capital to complete the first phase.
The initial phase will convert two former cinema screens into a flexible studio theater with approximately 250 seats, along with accessible public routes, concessions, restrooms, dressing rooms, performer support areas, and a new staircase connecting upper levels. The project also includes workforce development and training opportunities in partnership with the University of Nevada, Las Vegas, and the College of Southern Nevada. A grand opening is slated for August 2028.
Third Street CEO Daz Weller called the funding "a catalyst for bold new work, giving artists the platform to create and audiences' new ways to experience the cultural richness of their own city." The organization's backers include magician Teller of Penn & Teller, who previously told the Review-Journal that the arts are "not just a business or a decoration, but an essential infrastructure" for Las Vegas.
The property has housed several theater operators since Eclipse Theaters opened in 2016, followed by Art Houz Theaters and finally Downtown Cinemas, which closed permanently in December 2025. Weller said the current phase will bring the campus to 75 percent programming capacity, with plans for a second phase still in development.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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