The financial issues at Studio West 117, the beleagured LGBTQ complex set to shut its doors on December 28, are myriad and substantial.
As first reported by Signal Cleveland, owners Daniel Budish and Betsy Figgie defaulted on a $4.8 million loan from Truist Bank this year, and owe more than $5.5 million when interest is factored in, according to Cuyahoga County court records. A receiver was appointed in November to manage the winding down of the operation.
Budish and Figgie also owe $163,065 in overdue tax payments on four different plots and buildings, from its main Fieldhouse to the defunct Phantasy Nightclub it once vowed to resuscitate.
Budish did not respond to a request for comment.
On December 1, Studio West announced on its Instagram page that its three-year-old facility, would be shutting its doors by the end of the month.
Though not directly addressed in the statement, it was assumed the closure was due to financial straights and a tough economy.
“While these circumstances are difficult,” the post read, “they do not diminish the impact this space has had or the ongoing need for places where LGBTQ+ people and allies can gather, create and belong.”
Behind-the-scenes issues lingered at Studio West from the start as it tried to grow as a nexus for Northeast Ohio’s LGBTQ community. The grander plans, including a renovation of the Phantasy theater, two new fetish bars, a senior living complex and a hotel never came to fruition.
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