D.C. wants to buy and renovate the National Theatre

D.C. is ready to buy and renovate downtown 's National Theatre, but the plan still needs final sign-off.

Why it matters: The historic venue dates back to 1835, and is the nation's second-oldest continuously operating theater .

• It's been the pre- Broadway launch pad for many big-name shows like "Mean Girls," "West Side Story," and "Hello Dolly!"

State of play: The District would pay up to $11 million to buy and renovate the theater from the development group that owns it, per the city's 2025 budget .

• The city would then enter a 99-year lease with the National Theatre Foundation, which currently runs the venue and would continue to do so for the foreseeable future.

The D.C. Council passed the budget, but Mayor Muriel Bowser still needs to sign it.

• Should the plan proceed, updates could kick off next spring and take around three years.

Zoom in: The theater has struggled to attract its pre-Covid numbers, Washingtonian reports, and went to the council earlier this year to try to get a loan to buy the building itself to reduce costs.

• However, the council can only use budget funds for properties it owns, hence why it wants to buy the building and then lease it back to the theater's foundation.

The big picture: This comes as D.C. plans to re-envision and invest in downtown as it continues to struggle with vacancy and low foot traffic post-pandemic.

The intrigue: On the night of President Abraham Lincoln's assassination, he was originally supposed to attend a show at the National.

• He changed his mind at the last minute and headed to Ford's Theatre, causing John Wilkes Booth to scramble from the National to find the president.

What we're watching: The long-term goal is to create a downtown theater district akin to London's West End, the foundation's board chair told the Washington Business Journal , citing other nearby theaters such as Ford's, Shakespeare, Warner, and Woolly Mammoth.