Written by DCist contributor Salima Appiah-Kubi.

Remember when we thought the Source Theatre was doomed? After public outcry from the theater community, costumed protests and several tense ANC meetings, last Tuesday it was revealed that the Source has been saved. Pursuant to an agreement between the Theatre, the Cultural Development Corporation (CuDC) and the Bedrock Management Company, the Source has been wholly entrusted to the CuDC, which will run it as a performance space for small companies.

“Small theatre’s greatest need is adequate space, and we look forward to working with the community to make certain Source continues to be a place where performing artists can thrive,” said Anne Corbett, Executive Director of CuDC.

The announcement was held in Ward 1 Councilman Jim Graham’s office, whose efforts to save the theater helped broker the deal. An earlier agreement, which would have combined the theater into the restaurant space, fell apart when trying to reconcile logistics such as sound design. Community groups were then given the opportunity submit plans that resolved the Source’s financial woes and ensure its viability. CuDC’s bid fit the bill.

“The Source Directors are deeply gratified that Source, CuDC, and Bedrock have been able to arrive at an arrangement that is a victory for all parties,” said Peggy O’Brien, Source Board Chair. “The Source building will stay open as a theater, and we have resolved what seemed to be intractable financial problems that have plagued the theater company.”

Since the sale was announced in February, members in and out of the theater community have been working to block the purchase. Had the sale gone through the Source would have been replaced with a Bedrock Billiards and, according a statement form the theater, its board would have used the $2 million profit to create a theater endowment with the aid of Cultural Alliance.