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Community Theatre of Greensboro has forged an agreement to purchase the building that houses the Broach Theatre.

Allen Broach, who owns the property at 520 S. Elm St., has agreed to sell the building with its 160-seat theater, 10 office suites and Studio B event space for an undisclosed sum.

If Community Theatre raises enough money to close the sale, it would benefit both nonprofit theater companies: Community Theatre would have its own stage for the first time in its 62-year history, and the professional Broach Theatre Company could continue to produce plays there.

“It will be transformational for (Community Theatre) and downtown,” said Mitchel Sommers, Community Theatre’s executive director.

With Triad Stage and the Carolina Theatre within a short walk, “It kind of creates a theater district,” Sommers said.

Community Theatre plans a capital campaign to cover the purchase price, any needed renovations and a cash reserve, Sommers said. The group’s board will decide on the fundraising goal  June 7. It hopes to close the sale in January.

The building, a former Salvation Army mission, became one of the first downtown properties to be renovated after Allen Broach bought it in 1985.

Two years later, Stephen Gee, Hall Parrish, David Bell and others started the Broach Theatre on its first floor.  Broach runs his marketing communications agency from second-floor offices and rents out the remaining space.

Community Theatre had office and rehearsal space in the Greensboro Cultural Center at 200 N. Davie St., but it didn’t have a show venue. It presented musicals, comedies and dramas on rented stages: the Broach, Carolina Theatre and the downtown Masonic Temple.

In 2009, it looked as if Community Theatre would buy and renovate the Masonic Temple. But Sommers realized raising the money would be difficult in a sagging economy.

The Broach, in contrast, is already a theater. The building has income-producing assets, including event bookings and several office tenants.

“We are hoping that all the tenants will stay,” Sommers said. He also plans to rent out the theater to other performing groups.

Broach said he wanted to shed his landlord responsibilities and devote more energy to his business. He plans to move out and work from home.

But he wanted the theater to stay in operation.

“I didn’t want to sell it to someone who would gut the theater and turn it into a nightclub,” Broach said.

Community Theatre will retain its rehearsal space in the cultural center and will still present its signature annual production of “The Wizard of Oz” at the Carolina Theatre. The Broach will be used for smaller productions, youth theater, talent shows, fundraisers and other events, Sommers said.

Community Theatre had planned to rent the Broach in February for a joint production of “Driving Miss Daisy.”

The groups also will explore sharing expertise, Sommers said. Community Theatre could provide administrative and marketing support, and the Broach Theatre could help with sets, lights and props.

“It’s a great opportunity for both and a perfect fit,” said Bell, a Broach Theatre co-founder and resident designer.

Through the years, the Broach has produced popular plays for children and adults, including the current production of “Love Letters.” But it has struggled financially in recent years. Parrish died in 2008.

“I have spent many a sleepless night saying, 'How do we go on?’ ” Bell said. “I have believed in Stephen and Hall’s vision for 20 years, and it has to continue. We bring something to Greensboro that no one really does.

“We bring a smaller professional experience, those niche shows that no one really does, the crazy little shows that everyone needs to come see.”

Contact Dawn DeCwikiel-Kane at 373-5204 or dawn.kane@news-record.com